(Sources: Autobloggreen, Autotropolis)

Hyundai is doing very well in both the automotive quality and marketing arenas. Hyundai recently scored high in the latest 2009 J.D. Power Initial Quality Study. Many analysts were surprised that Hyundai finished fourth behind a stellar cast consisting of Lexus, Porsche and Cadillac.

On the marketing side, Hyundai Assurance struck a cord with the American consumers when it offered payment protection in the event of job loss. Now Hyundai is looking to give consumers increased peace of mind over of the volatility of gas prices, which have swung from under $2 a gallon a few months ago to nearly $3 at the beginning of summer.

Many consumers are sitting on the fence waiting to see which direction the price of gasoline will take. After a period of relatively cheap fuel, over the last several months the price of a gallon has started to climb significantly once again.

The newest promotion, Gas Lock, fixes the price of regular unleaded at $1.49 per gallon for the next year. The program runs July 1 through August 31, and eligible vehicles include the Accent, Sonata, Tiburon, Elantra, Elantra Touring, Entourage, Azera, Santa Fe, Tucson and Veracruz. Customers choosing to utilize Gas Lock will forgo $1,000 in available rebates, making the incentive a gamble that gas prices will remain high.

Hyundai is able to finance its Assurance Gas Lock through a partnership with a commodities company named Pricelock. Without having to dust off your MBA to figure this one out it appears that Pricelock purchases call options in the commodity markets to lock in future gasoline prices. Hyundai will make up the difference.

Shown below is the Press Release from Hyundai: