GM Canada’s CEO is expressing apprehension over the way cheap auto loans are fueling vehicle sales in Canada.
The way that the auto industry uses the traditional independent dealer sales channel and proposed alternatives to that process have prompted considerable debate here at TTAC recently. While industry followers watch Tesla’s attempt to change the way automobiles are retailed with their factory owned outlets, General Motors is doing its part to change the retail sales equation, or at least make the negotiating process a bit more user friendly. If buyers want to, they can now complete the entire car buying process and even take delivery without ever stepping foot in a traditional dealership. However, GM says that the program is there to complement the existing retail dealer sales channel, not replace it. By the end of 2013, GM will expand the Shop-Click-Drive online shopping program nationally. (Read More…)
Usually, in the U.S. pickup truck market, whichever company has the newest truck normally gets a bump in sales. While it’s hard to get Chevy guys into Fords and vice versa, about 6% of the market does shift to the most recently updated pickup because of businesses making decisions based on dollars and cents, not brand loyalty.
General Motors has the newest trucks on the block in the 2014 Chevy Silverado and GMC Sierra, but in a growing overall market GM’s pickup trucks last month saw an annual decline in sales. Some analysts say that GM priced their new pickups, a key profit generator for the company, too high. Supply issues with parts for the 5.3 liter V8 have also restricted sales. An analyst at Morgan Stanley also attributed the September decline to “stair step programs” for dealers and other incentives that were offered in August which pulled sales forward. Now, GM is taking the rare step of offering incentives on recently introduced vehicles, the new pickups, apparently to compete with heavily discounted trucks at Ford and Ram.
According to sources withing GM, the Bloomberg news agency is reporting that the company is not keeping up with demand for the most popular version of the recently launched Chevrolet Silverado and GMC Sierra pickups, the trucks’ first complete redesign since 2006. Apparently, a supplier for the 5.3 liter V8 is having trouble making enough parts so GM is limiting the number of 5.2L equipped trucks that dealers can order. Bloomberg’s sources disagree on how long it will take to resolve the supply issue, one said it could be as long as two months. (Read More…)
My name is Vojta and I drive a conversion van. And, yes, I do that in Europe. And no, I have never offered anyone free candy. Actually, no one even expects me to do so, as pedophiles in Europe don’t drive big vans. Or at least people don’t think they do.
Ownership of VM Motori, the Italian maker of the V6 diesel engines offered in the Jeep Grand Cherokee and Ram 1500, is currently split 50/50 between General Motors and Fiat.
Step 1. Put on Fanfare for the Common Man.
Step 2. Light a hand-rolled cigarette. Take a deep drag.
Step 3. Begin reading aloud with as low and gravelly a voice as you can muster.
Your script: Pickup trucks are America. In the vast expanses that make up this country, they feel completely comfortable with their bulk. These are the broad-shouldered blue-collar working class of the vehicular world. Just like the people that drive them, these trucks are alternately unembellished hard workers or rhinestone cowboys. They give of their bodies and brawn to get.work.done. At every disaster, you’ll find trucks. Construction sites, too.
The United States Treasury has reduced its stake in General Motors to 7.3% after selling off another block of the shares it acquired during the bailout of the giant automaker. According to documents released earlier this week Treasury sold at least 110 million shares between May 6 and September 13, raising more than $3.82 billion.
The national Canadian and provincial Ontario governments have agreed to sell 30 million shares in General Motors that they received in exchange for their contributions to the 2009 bailout of the automaker. The shares are worth about $1.1 US billion, and were purchased by the Bank of America and the Royal Bank of Canada as a block.
The transaction will be completed early next week. The sale reduces the Canadian governments’ stake in GM by 21%, down to 110 million shares. Canada and Ontario had been, since the bailout, the third largest stockholder in General Motors, behind the UAW and the U.S. Treasury, and after the sale will own about 8% of the company’s shares.
“As we said from the start, our investment in GM was always meant to be temporary as we worked to maximize the return to Canadian taxpayers,” Finance Minister Jim Flaherty said in a statement. “The government of Canada is committed to exiting from ownership of GM as quickly as feasible, while maximizing the return for Canadian taxpayers, as we demonstrated today.”
The banks purchased the shares at a discount from Tuesday’s closing price, $37 a share, up 28% from the start of 2013.
We don’t just love pickup trucks in America, we practically worship them. The half ton pickup truck is an American icon embedded into our music, our entertainment and almost the core of our culture. If you haven’t owned or wanted to own a pickup truck, you’re probably a communist infiltrating American society and should be stopped. Despite inroads from the Japanese competition, the full-size truck market is a solidly American segment that isn’t just led by the big three, it’s dominated by them. In August, RAM took third place with 33,009 pickups sold in the US of A, more than three times the number four player: this week’s Toyota Tundra. Why is this gap so large when Toyota crushes the big three in so many other segments? Let’s explore that while we look at Toyota’s refreshed 2014 Tundra.
Chevrolet will be launching the 2014 Camaro coupe for the European market at the upcoming Frankfurt Motor Show, which is probably the reason why Chevy is using the same show for the debut of the 2014 Camaro convertible, rather than introduce it in a few months at the Lost Angeles or Detroit shows.
While GM’s next-generation SUVs are slated to debut at September’s Texas State Fair, the Cadillac Escalade will get its own launch event in New York City.
Instead, the Escalade will be revealed on October 7th in the Big Apple. There have been conflicting reports over the past year regarding the new truck’s direction. We’ve heard that it will be both more ostentatious and more reserved. October 7th will be the moment of truth.