Discount Employee Gm

GM Gives Employee Discount to "Anyone"

May 24, 2005
General Motors Corp is asking its retired executives to give away employee vehicle discounts to anyone who wants them, according to the Detroit News. Savings from the discount can range from a few hundred dollars for the least expensive vehicles to several thousand dollars for high-end models.

Some analysts see the move as an act of desperation at a time when the world's number one automaker faces declining sales, unhappy shareholders and a hostile financial market.

The newspaper reports that the program began last month and runs through the end of May. Retired GM executives were told that they could offer employee discounts to two people a month in April and May.

A GM spokeswoman would not comment on the program so it's unclear how many sales it could generate.

The GM Employee Purchase Plan is generally available to eligible GM employees, retirees and their family members. Dealership employees and workers at suppliers for GM are eligible for discounts as well.

Through April, GM sales are down 4.9 percent and U.S. market share has slipped to 25.4 percent from 27 percent last year.