NYCshopper
03-15-2006, 03:51 PM
GM to offer cash rebates in March promotion
http://www.msnbc.msn.com/id/11826491/
Floundering automaker to give up to $1,500 on three-month old models
DETROIT - General Motors Corp. on Thursday will start offering buyers up to $1,500 per vehicle to try to get rid of inventory that have been sitting in dealer lots for at least three months, a dealer told Reuters on Tuesday.
The “March Madness” promotion, tied to the NCAA basketball tournament, will run through April 4. The program is designed to clear out older inventory from the 2005 and 2006 model years and applies to vehicles invoiced to dealers before November 16, 2005.
At some dealerships, the discount will cover vehicles invoiced before October 16, 2005, the dealer said, requesting anonymity.
For most vehicles, the offer is $500 or $1,000 in addition to existing rebates. The discount is $1,500 on Chevrolet Silverado and GMC Sierra extended cab pickups.
A GM spokeswoman confirmed the details.
The world’s largest automaker lost $8.6 billion in 2005 as it struggled with loss of U.S. market share to foreign rivals, high labor and commodities costs and sluggish sales of sport-utility vehicles.
After offering blowout promotions last year, including its “employee discount” program to all U.S. buyers, GM said it would tone down its incentive spending this year.
Brent Dewar, GM’s vice president of sales for North American operations, last week told Reuters that for March, the automaker’s average incentive spending per vehicle — a closely watched indicator of the pricing power — would be down more than $1,000 a unit from a year earlier.
Chevrolet, Buick, Pontiac and GMC brands will advertise the program as the “March Madness” sale. Cadillac dealers will call it the “Ultimate Reward” program; Hummer dealers will name it “Like Nothing Else”; and Saab dealers will call it “Take Flight,” according to documents obtained by Reuters.
http://www.msnbc.msn.com/id/11826491/
Floundering automaker to give up to $1,500 on three-month old models
DETROIT - General Motors Corp. on Thursday will start offering buyers up to $1,500 per vehicle to try to get rid of inventory that have been sitting in dealer lots for at least three months, a dealer told Reuters on Tuesday.
The “March Madness” promotion, tied to the NCAA basketball tournament, will run through April 4. The program is designed to clear out older inventory from the 2005 and 2006 model years and applies to vehicles invoiced to dealers before November 16, 2005.
At some dealerships, the discount will cover vehicles invoiced before October 16, 2005, the dealer said, requesting anonymity.
For most vehicles, the offer is $500 or $1,000 in addition to existing rebates. The discount is $1,500 on Chevrolet Silverado and GMC Sierra extended cab pickups.
A GM spokeswoman confirmed the details.
The world’s largest automaker lost $8.6 billion in 2005 as it struggled with loss of U.S. market share to foreign rivals, high labor and commodities costs and sluggish sales of sport-utility vehicles.
After offering blowout promotions last year, including its “employee discount” program to all U.S. buyers, GM said it would tone down its incentive spending this year.
Brent Dewar, GM’s vice president of sales for North American operations, last week told Reuters that for March, the automaker’s average incentive spending per vehicle — a closely watched indicator of the pricing power — would be down more than $1,000 a unit from a year earlier.
Chevrolet, Buick, Pontiac and GMC brands will advertise the program as the “March Madness” sale. Cadillac dealers will call it the “Ultimate Reward” program; Hummer dealers will name it “Like Nothing Else”; and Saab dealers will call it “Take Flight,” according to documents obtained by Reuters.