After saying it would cease buying ads on Facebook, GM dropped a bigger advertising bombshell Friday when it announced it will not participate in next year's Super Bowl advertising, according to Bloomberg. Joel Ewanick (pictured), GM's chief marketing officer, said the company couldn't justify the expense despite the reach that the Super Bowl provides. The move is a part of a marketing reorganization led by Ewanick to save the carmaker $2 billion over the next five years, Bloomberg said. GM spent about $1.8 billion on advertising in the U.S. last year, making it the third-largest advertiser behind AT&T and Procter & Gamble. The carmaker still plans to advertise in the London 2012 Summer Olympics, GM told Bloomberg.
In other news:
- Consumers spent $300 more on the financing and purchasing of new cars in the first quarter of 2012 compared with the fourth quarter of 2011, according to Comerica Bank. That means the average-priced new vehicle took 23.2 weeks of median family income to purchase, which is about equal to the time and money it took to buy a new car in and around 1980, according to the bank.
- The National Highway Traffic Safety Administration has sent investigators to help in the probe of the Fisker Karma garage fire that happened last week, according to Automotive News. The cause of the garage fire remains unknown.
- Buyers of 2013 Audis equipped with the carmaker's MMI multimedia and navigation system will get a complimentary four-year subscription to SiriusXM satellite radio, the carmaker said today.