First Groupon deal for autos fails miserably

We live in an age of instant discounts. Groupon, Living Social, Gilt and a host of other websites offer up excellent deals on everything from designer clothes to dinner. One area those sites have yet to tap is the world of car buying. Groupon has tried, but it hasn't exactly gone swimmingly.

Partnering up with LaFontaine Automotive Group in Detroit, Groupon offered consumers a $500 coupon for the price of $199. Mind you, that's not $500 off since you just shelled out nearly 200 bucks, but you'll get a $301 reduction in the bottom line of the vehicle purchase price. LaFontaine needed at least 10 folks to jump on the Groupon deal.

Just four folks understood the deal and clicked "Buy!"

It seems this first attempt at a Groupon deal for car buying hasn't gone as well as some hoped. Customers want more bang for their buck, and $301 off the price of a new car just isn't going to cut it.

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