DETROIT, July 7 (UPI) -- General Motors Corp. kicked off the latest round of buyer incentive wars Wednesday, offering $5,000 cash back on most 2004 trucks and $4,000 on new cars.
GM's Summerdrive marketing initiative deals are expected to be matched by Ford Motor Co. and other automakers. Summerdrive incentives are available on 2004 vehicles delivered from July 7 through Aug. 2.
GM also is offering interest-free financing for five years to qualified buyers of 2004 model vehicles to reduce inventories. GM sales fell 12 percent in June; Ford sales were down 8 percent.
GM had a 90-day supply of unsold vehicles. Ford had an 87-day supply, the Detroit Free Press said.
"As we head into the summer selling period, our Summerdrive and Owner Loyalty programs make it a great time to purchase a new GM car or truck," said John Smith, vice president of GM North American Vehicle Sales, Service and Marketing.
The Cadillac CTS-V and XLR, Chevrolet SSR and Hummer H2 are not part of the new incentive program.