Business

Ford Motor Company (NYSE: F) Paying For its Mistake

Ford Motor Company (NYSE: F) is primarily known for its service to all its stakeholders. The company is also known as an innovator in the industry by launching various vehicles. The company is gradually adapting to changes and focus on its services and experiences to its customers. Recently the company discovered that the vehicle it delivered was not as per the promised. Hence, they started offering buyers $4,040 for the error that they discovered in the car.

Offering car buyers $4,040 for error discovered: Ford typically delivers the car per pre-requisite terms. However, car buyer discovers an error/diversion from the specification given earlier, the seller compensates its customers. Therefore, Ford either recalls its car or compensates its customers. For example, recently, the company discovered an error in one of its models Mustang Mach1. As per the customer, the marketing materials featured or promised were not as per the earlier specification. So to compensate the Buyer, Ford is offering its Mustang Mach 1 buyers $4,040 for an error.

Error in the marketing materials: As per the Car Advice, the promotional brochure for Mustang Mach 1 stated that the car is equipped with rear parking sensors, high-performance Torsen differential, and radar cruise control. Following the error discovered and fixed, the customers who ordered Ford cars were offered three years of free maintenance services and a track day experience. However, after fixing the error, the company continued received complaints from the customer and started offering the customer a good offer and improving the error discovered. As per the release, the improvement could cost nearly $1.818 million to Ford. Provided all the customers who bought the car and took advantage of the offer given by Ford. The management also said customers can also get a full refund on their cars or their deposits if they haven’t received them yet.

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