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Ford copies GM employee discount plan
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Credit Union After General Motors launched its employee discount plan offering vehicles to consumers at the same price employees paid, Ford Motor Co. said it would offer a similar program.
This year's contract talks are considered crucial to the survival of GM and its U.S.-based counterparts, Ford Motor Co. and Chrysler LLC. Ford and Chrysler were also in talks over the weekend, but they extended their contracts with the UAW indefinitely Thursday after the UAW named GM the lead company in the negotiations. Once the union wraps up talks with GM it will try to implement similar agreements at Ford and Chrysler.
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By Card Credit Debt Debt Guide July 5, 2005 (AXcess News) Detroit MI - After General Motors (NYSE: GM) launched its employee discount plan offering vehicles to consumers at the same price employees paid, Ford Motor Co. (NYSE: F) said it would offer a similar program.
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Credit Repair What prompted Ford to follow in GM's tire tracks was the fact that General Motors recorded its best sales month in 18 years in June.
Active Credit Credit Guide The two automakers are the largest manufacturers in the United States and have both tried new marketing programs this year in an attempt to turn lagging sales around.Ford called its new marketing program the "Ford Family Plan". Ford's new marketing plan focuses on its Ford, Mercury and Lincoln models.
Credit Score GM had reported that its Employee Discount Plan accounted for a 47 percent increase in sales in June and was so successful it is being extended through August 1. DaimlerChrysler AG's Chrysler begins its version of GM's program tomorrow.
Bad Car Credit Guide Loan The two US automakers have been under pressure from Toyota Motor Co. and Nissan Motor Co. as they continued to bleed market share off to foreign competitors. So far, Ford has lost 28 percent market share to the Japanese automakers and has had to correct earnings forecasts twice this year. In June, Ford reported a 38% decline in first quarter profits.
Bad Credit Loan Shares of General Motors closed up 12 cents Tuesday at $34.77 while Ford Motor Co's shares were up 9 cents at $10.40.
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