Automaker Chevrolet has announced that it is starting a new incentive program for its customers, especially for those planning to buy a new Silverado pickup. The new incentive program is part of Chevrolet's strategy to boost sales after a nearly 19 percent decline in May.

The new Silverado deal will include zero percent financing for 60 months and more than $8,250 cash rebates for some crew cab versions of the pickup, according to Auto News. Chevrolet is also introducing a new loyalty program for customers who are nearing the end of their leases for the Equinox SUV. The incentives can be used to lease any new Chevrolet model.

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Chevrolet's parent company General Motors has experienced a serious decline in its market share in the first five months of the year. GM's market share was reported to drop to 16.6 percent compared to 17.7 percent last year. In March, GM's market share fell to 15.7 percent - just 0.4 points above Ford.

In a statement acquired by USA Today, Serra Auto Plaza General Manager Matt Serra said, "They definitely cranked up the incentive programs in June. They don't operate in isolation. You've got the other manufacturers who have aggressive programs on most of their lineup, and you've got to respond."

Statistics have revealed that full-size pickups sell at an average of more than $40,000 per unit. On the other hand, fully-loaded crew cabs average at about $50,000 each. With this kind of pricing, market analysts are convinced that despite the hefty rebate that Chevrolet is offering, the company will still earn a lot with every sale it makes.

Meanwhile, in the passenger car market, Chevrolet is gaining some major advantage with the company's latest line of new products like the Cruze, Malibu, and the Camaro. Chevrolet is also aiming to enter the crossover utility market with its 2017 Trax which is expected to be released before the end of the year.

TagsChevrolet, Chevrolet Silverado, Silverado, Chevrolet rebate, Silverado rebate