AutoNation CEO Says Fewer Incentives Needed
As the economy continues to improve, incentives on vehicle purchases and factory output need to be curbed, says Mike Jackson, chairman and CEO of AutoNation Inc.
As the economy continues to improve, incentives on vehicle purchases and factory output need to be curbed, says Mike Jackson, chairman and CEO of AutoNation Inc.
New car rebates, which were up 12 percent to an average of $2,932 in 2004, are losing their appeal with consumers and hurting residual values, reported The Detroit News.
“I say cut production,” Jackson said. “Don’t go to higher incentives. I’m not calling for a revolution. I’m calling for trimming the sails.”
The recent trend to offer big incentives was triggered by the terrorist attacks in 2001 to spark sales. As the biggest discounter, General Motors Corp. says it is backing off and reducing incentives as it introduces new models.
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