General Motors will announce plans to clear out remaining 2009 models with an aggressive incentive sale later this week and the automaker announced that it plans to formally close its Pontiac and Saturn units during the first quarter of 2010.
The sales, which will likely average more than $4,000 in incentives per vehicle (averaged across the model lineup) will apply primarily to its four core brands. Chevrolet ’s sale will be called a “Red Tag Sale,” Buick and GMC will get a “Holiday Event” and Cadillac will continue with the “Seasons Best” sale that began late last week.
The automaker’s lineup carries a 70 day supply, which is slightly above the industry average but actually below that of cross-town rival Ford ’s 75 day supply. Ford says that its dealers are primarily stocked with 2010 models, however, and it says that transaction prices are up nearly $3,000 compared to the same period last year.
GM vice president of sales Susan Docherty told the media this morning that the automaker will formally close Pontiac and Saturn during the first quarter of 2010; both divisions are winding down faster than GM had anticipated. The company says that about 10,000 new Pontiacs and 8,000 Saturns remain on dealership lots.
The sales will not likely apply to Hummer and Saab vehicles even though both brands are still technically under the GM umbrella.
