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GM extends employee discount program through September
General Motors Corp. is expected to extend by one month its employee discount deal for everyone tomorrow, said a source familiar with the plan, continuing a limited incentive program that has helped clear out inventory, particularly for pickup trucks and SUVs, and softened an expected drop in sales.
The discount was offered to everyone Aug. 20 as part of GM's 100th anniversary celebration and the incentive program is expected to have made an impact on August sales totals when they are released tomorrow.
GM, Ford Motor Co. and Chrysler LLC are expected to sustain further market share losses in August as domestic automakers continue to bear the brunt of the slump in demand, largely because all three have truck heavy lineups. GM's sales slid 26.1 percent in July and are down 17.7 percent through July.
Jesse Toprak, pricing and market analyst at Edmunds.com, an online automotive research site, said GM sales were down sharply earlier in the month before the plan was introduced.
A GM spokesman declined to comment.
The employee pricing deal applies to all 2008 vehicles in stock, except for medium-duty trucks. The 2009 vehicles eligible for employee pricing are the Chevrolet Cobalt and HHR, Pontiac Vibe and G5 and Cadillac CTS.
The discount was offered to everyone Aug. 20 as part of GM's 100th anniversary celebration and the incentive program is expected to have made an impact on August sales totals when they are released tomorrow.
GM, Ford Motor Co. and Chrysler LLC are expected to sustain further market share losses in August as domestic automakers continue to bear the brunt of the slump in demand, largely because all three have truck heavy lineups. GM's sales slid 26.1 percent in July and are down 17.7 percent through July.
Jesse Toprak, pricing and market analyst at Edmunds.com, an online automotive research site, said GM sales were down sharply earlier in the month before the plan was introduced.
A GM spokesman declined to comment.
The employee pricing deal applies to all 2008 vehicles in stock, except for medium-duty trucks. The 2009 vehicles eligible for employee pricing are the Chevrolet Cobalt and HHR, Pontiac Vibe and G5 and Cadillac CTS.