Average per-vehicle incentives from U.S. auto makers grew
slightly in November from October, but they dropped 9.4% from a
year earlier, according to Edmunds.com.
The car-shopping website said compared with last November,
General Motors Co. (GM) cut its incentive spending by the largest
percentage -- 23% -- of the six largest auto makers. Senior analyst
Michelle Krebs said Toyota Motor Corp. (TM, 7203.TO), which is
still trying to dig itself out from the sales decline it
experienced due to its many recalls this year, increased incentives
the most, up 10%.
Honda Motor Co. (HMC, 7267.TO), which Krebs said rides Toyota's
coattails, also boosted incentives 10% on a year-to-year basis.
Nissan Motor Co. (NSANY, 7201.TO) and Ford Motor Co. (F) also spent
more on incentives from a year ago, while Chrysler Group LLC spent
less.
The industry gave out an average $2,470 for each vehicle sold
last month, up 1.3% from October.
Jessica Caldwell, an analyst with Edmunds, said, "Once again,
perception trumped reality as car-shoppers pursued expected
bargains during a traditional holiday deal weekend." She added in
truth, "incentives simply aren't increasing at the rates suggested
by year-end advertising campaigns."
Among vehicle segments, premium sports cars once again had the
highest average incentives, followed by premium luxury cars.
Subcompact cars had the lowest, with sport cars next.
On Wednesday, the Detroit Three -- GM, Ford and Chrysler -- each
reported a double-digit increase in November U.S. sales, with all
three reporting continued gains for larger vehicles.
--By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com