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GM to bring back employee prices
The models are: the 2008 and 2009 Chevrolet Malibu, Buick Enclave, GMC Acadia and Denali, the 2009 Pontiac G6, 2008 Saturn Outlook and Vue and 2009 Saturn Aura. The automaker is reducing incentive money that supports leases at below market prices and shifting the money to purchases, GM spokesman John McDonald said. For example, buyers can get $750 bonus cash on the Buick Enclave through today but that figure rises to $1,500 on Wednesday. Buyers also can receive the employee discount on top of the $1,500 bonus cash. 'If you want to lease any vehicle with GMAC, you can still, but you will pay market rates,' McDonald said. GM will continue offering supported leasing on 2008 and 2009 Cadillac models and 2008 Saab models through Sept. 2. The employee pricing offer applies to all 2008 vehicles in stock, except for medium-duty trucks. The 2009 vehicles eligible for employee pricing are the Chevrolet Cobalt and HHR, Pontiac Vibe and G5 and Cadillac CTS. The offer can shave thousands off a vehicle's cost. For example, a 2008 Chevrolet Suburban costs employees $37,273 compared to a manufacturer suggested retail price of $41,830, said Dick Genthe, president of Dick Genthe Chevrolet in Southgate. The automaker is attempting to boost sales while simultaneously reducing incentives on some leases and cope with a $15.5 billion second-quarter loss. The offers come weeks after GM announced auto sales in July slid 26.1 percent. When GM extended employee pricing to all buyers in 2005, its sales jumped 47 percent in June. General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler Group saw their combined results climb 26.5 percent the following month before the offers ended and sales plummeted. Genthe expects dealers will see a spike in sales but not as large as three years ago because the size of the market has shrunk. 'For some, this will be a great opportunity,' he said. You can reach Robert Snell at (313) 222-2028 or [email protected].