GM Cranks Up Discounts After a Slow January
In efforts to reinvigorate its sales after a slower-than-usual month of January, General Motors (NYSE:GM) is laying it on thick with the promotions and incentives for February, extending a President’s Day sale throughout much of the month. The event began on Tuesday and is expected to run right through the 28th.
Automotive News reports that GM is offering $500 to $2,000 in cash on most models and have bettered a lease pull-ahead deal, which waives two months of payments (up to $1,000) for lease customers. Part of the promotion includes the most substantial price cuts on the 2014 Chevy Silverado and GMC Sierra pickups since they hit showrooms last summer.
The V6-powered pickups will be available at the same rate that dealership employees can purchase them at, and Chevy is pushing $7,000 off of a double-cab V6 All Star model. Despite the new product, General Motors’ pickup market share has slid slightly as aggressive discounting practices from its competition appeared to overcome the excitement of the new models.
GM’s slice of the American pickup market has typically remained in the 35 to 40 percent ballpark, but for four of the last five months, it has been stuck at 33 percent or lower.