Automobile manufacturers frequently use promotions involving cash incentives.While payments are nominally directed to either customers or dealers, the ultimatebeneficiary of the promotion depends on the outcome of price negotiation. We useprogram evaluation methods to compare the incidence of these two types ofpromotions. Customers obtain 70 to 90 percent of a customer rebate, but only 30 to40 percent of a dealer discount promotion, a $500 difference for a typical promotion.Our leading hypothesis is that pass-through rates differ because of information asymmetries: customer rebates are well-publicized to customers, while dealerdiscount promotions are not. (JEL D82, L11, L15, L62, L81, M31)