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Incentives, Rebates Not Enough to Lift Automakers' Profits

TRAVERSE CITY, Mich. - It may be small consolation to credit unions that have lost members' auto loans to dealers' 0% financing incentives and rebate offerings, but reports from Detroit show high incentives from the Big Three automakers didn't boost the car manufacturers' profits as much as they had hoped...

By Staff Writer | Updated on August 19, 2003

TRAVERSE CITY, Mich. – It may be small consolation to credit unions that have lost members’ auto loans to dealers’ 0% financing incentives and rebate offerings, but reports from Detroit show high incentives from the Big Three automakers didn’t boost the car manufacturers’ profits as much as they had hoped they would. Speakers at an automotive conference here last week noted that the Big Three are “barely making money on their car operations despite heavy sales driven by steep incentives.” In fact, Michigan Gov. Granholm told conferees that she plans to convene a meeting of governors from manufacturing states to plan initiatives states and the federal government can take to help the automotive industry.

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