Automakers across the United States are scrambling to get their inventories in order ahead of the Black Friday weekend coming up.
Automakers across the United States are all set for the weekend and are gearing up to clear their stockpile this Black Friday through various sales promotions in order to effectively combat tumbling consumer demand and dispel investor doubts.
In a bid to finish strong this quarter, Automakers are making use of all means necessary to move their inventory and finish off with a minimal amount of inventory to carry forward next year.
Thanks to the tanking fuel costs and the unforeseen consumer demand shifting towards SUVs and pickup trucks, Automakers are left with a bulging inventory of compact cars, sports cars, and sedans that they need to push off their lots in order to post better financial results and retain investor trust.
In a desperate attempt to give boost to its numbers after disappointing sales figures for the month of October, Ford Motors (NYSE:F) was the first automaker to introduce a Black Friday Sales Promotion. Industry rival GM (NYSE:GM) followed suit with a month long Black Friday Deal with a discount of up to 20 percent on its pickup trucks.
Mark Fields, Chief Executive Office at Ford said in a statement: “We are seeing a tougher pricing environment, higher levels of discounts,” He further assured investors that the sales numbers for the month of November and December will be similar to those of last year.
Automakers have come to the realization that the six-year boom in the auto industry is coming to a slow halt and that similar promotions are imminent to keep car sales steady.