Chrysler to Cover Payments for New Car Buyers; Edmunds.com Comments

Chrysler to Cover Payments for New Car Buyers; Edmunds.com Comments


Chrysler to Cover Payments for New Car Buyers; Edmunds.com Comments

SANTA MONICA, Calif. — July 8, 2010 — Chrysler has taken the lead in presenting consumers with dramatic summer incentives, announcing today that the company will cover the first two months payments and provide other generous incentives for new car buyers.

"Consumers have been waiting for automakers to trigger the start of the summer sell-down season, but the wounded auto industry has been trying to avoid boosting incentives in order to preserve profitability and brand equity," stated Jeremy Anwyl, CEO of Edmunds.com, the premier online resource for automotive information. "It will be interesting to see if Chrysler reverses the anti-incentives trend that has caused such a drag on sales at a time when every shopper seems to be holding out for a better deal."

Edmunds.com collects all regional and national incentives and displays them in the Internet's most comprehensive car incentives and rebates database, which can be found at http://www.edmunds.com/car-incentives/.

The average automotive manufacturer incentive in the U.S. was $2,661 per vehicle sold in June 2010, down $36, or 1.3 percent, from May 2010, and down $196, or 6.9 percent, from June 2009. The chart below sets forth details for the six biggest automakers.

True Cost of Incentives for the Top Six Automakers*
Automaker June 2010 May 2010 June 2009
Chrysler Group (Chrysler, Dodge, Jeep) $3,259 $3,080 $4,897
Ford (Ford, Lincoln, Mercury, Volvo) $3,182 $3,150 $3,534
General Motors (Buick, Cadillac, Chevrolet,
GMC)
$3,893 $3,878 $3,414
Honda (Acura, Honda) $1,489 $1,523 $1,735
Nissan (Infiniti, Nissan) $2,594 $2,581 $2,592
Toyota (Lexus, Scion, Toyota) $2,141 $2,236 $1,298
Industry Average $2,690 $2,697 $2,857

* On July 1, 2010, Edmunds.com issued a press release containing True Cost of Incentives estimates. The figures in today's press release represent the actual numbers calculated after all June sales were reported.

About Edmunds.com, Inc. (http://www.edmunds.com/about/)
Edmunds.com Inc. publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive information, launched in 1995 as the first automotive information Web site. Its mobile site, accessible from any smartphone at www.edmunds.com, makes car pricing and other research tools available for car shoppers at dealerships and otherwise on the go. InsideLine.com is the most-read automotive enthusiast Web site. Its mobile site, accessible from any smartphone at www.insideline.com, features the wireless Web's highest quality car photos and videos. CarSpace is the most established automotive social networking Web site. AutoObserver.com provides insightful automotive industry commentary and analysis. Edmunds.com Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit. Follow Edmunds.com on Twitter@edmunds and fan Edmunds.com on Facebook at http://www.facebook.com/edmunds.

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