U.S. Auto Incentives Shrink

Automakers spent an average $2,140 per light vehicle sold in the U.S. last month on incentives, down 3% from February and 10% less than in March 2011, according to Edmunds.com.

The online auto data provider says incentives were the lowest for any March since 2002.

Month over month, the only March spending hike was at General Motors (+2% to $3,310). Incentives declined 1% to $2,770 at Ford and 2% to $2,490 at Chrysler.

The biggest decline from February was at Honda (-16% to $950), followed by Nissan (-13% to $2,460) and Toyota (-3% to $1,400). Honda and Toyota spending was 46% and 29% lower, respectively, than in March 2011.