General Motors Corp. will begin a "March Madness" promotion tied to the NCAA basketball tournament, which will offer buyers up to $1,500 per vehicle on top of existing rebates and other incentives to sell cars and trucks that have been sitting on dealer lots for at least three months, according to The Detroit News.

The promotion, which will run from March 16 through April 4, is designed to give GM sales a boost and clear out older inventory from the 2005 and 2006 model years.

For most vehicles, the offer is $500 or $1,000 in addition to rebates or GM's employee discount. The discount is $1,500 on Chevrolet Silverado and GMC Sierra extended cab pickups. In addition, GM will be sending dealers special $250 coupons to help them close sales.

GM said the deal doesn't represent a step backward as it tries to scale back rebates and sell vehicles at a more realistic price, according to the report. The automaker said in January it is cutting the prices on about 80 percent of its cars and trucks as part of the new strategy.