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post #1 of 2 (permalink) Old 08-07-2004, 01:43 PM Thread Starter
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Detroit automakers drive incentives to new highs

From Automotive News:
Detroit automakers drive incentives to new highs

Reuters / August 06, 2004

Detroit automakers drove consumer incentives up to record highs last month, spending a combined average of more than $4,000 per vehicle to help lure customers into showrooms, an industry research firm said on Thursday.

It was the first time overall incentives from the traditional Big Three automakers, whose profits have been battered by a protracted price war, passed the $4,000 mark, according to Edmunds.com.

The online research firm said General Motors, Ford Motor Co. and DaimlerChrysler's Chrysler division spent an average of $4,011 per vehicle on cash rebates, cheap loans and other deals to boost sales of new cars and trucks in July, up $192 from June.

The biggest spender, GM, had an average incentive of $4,467 on each of its vehicles and its Cadillac division spent the most for the fifth straight month, with discounts totaling $7,878 per vehicle, according to Edmunds.com.

The firm calculates incentives on a sales weighted basis.

Among vehicle segments, it said large sport utility vehicles continued to have the highest average incentives, at $4,885 per vehicle.

Ford spent an average of $3,686 per vehicle on incentives in July and Chrysler came in a distant third at $3,384, Edmunds.com said.

Ironically, Chrysler actually lowered its incentives spending in July, but it was alone among the Big Three in posting higher monthly sales.

Japanese automakers, which are steadily stealing market share from their U.S.-based rivals, spent a combined average of $1,024 on incentives per vehicle in July, up from $921 in June.
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post #2 of 2 (permalink) Old 08-07-2004, 10:03 PM
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You forgot this part of the story:

"The combined market share of General Motors Corp., Ford Motor Co. and DaimlerChrysler AG’s Chrysler Group declined to 58.9 percent at the end of July from 60.5 percent at the end of July 2003. Meanwhile, Asian automakers’ share has increased during the same period from 32.5 percent to 34.5 percent.

Spinella says Asian automakers just don’t need to put up as much visable cash up front to entice customers.

“It may take just a $500 rebate from Toyota to attract a customer, but to even consider a domestic brand, consumers want at least $1,500,” he said. "
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