Hyundai has been moving closer to the luxury market as of late, with models like the Equus and Genesis competing with the BMWs and Mercedes of the world rather than Toyotas and Hondas. Now, they may be committing to their vision of value in the luxury market even further.

The Wall Street Journal reports that the South Korean automaker is contemplating adding a new brand, likely known as "Genesis," that would compete exclusively in the luxury segment. Obvious additions to the new nameplate would be the Genesis and Equus models, but the company is also considering a new car to rival the BMW 3-Series and a luxury crossover.

According to the news source, three different plans are currently being discussed. One would see Hyundai remain as one brand while introducing the new cars as Hyundais. The second would see the "Genesis" brand sold alongside Hyundai's under one roof. The most radical idea is to give Genesis its own separate dealership facilities, sales staff and identity, much like Lexus or Acura.

Hyundai has been on a blistering pace as of late, growing its U.S. market share by 50 percent in two years while earning acclaim for its redesigned models, like the Sonata.

Those interested in purchasing a Hyundai or any other vehicle may want to keep in mind that they'll likely be able to find a deal by searching the used car market.