GM Sales Top Forecasts; Core Brands Up 13%
GM October sales beat analyst forecasts, with total sales up 4%, and YTD sales up 6%. As GM would have you prefer, it would rather you focus on the four core brands, which are up 13%, and 22% YTD. As the General’s dead brands fall away (Pontiac as of this past Sunday), comparisons to their former volumes do become increasingly irrelevant. A key component of GM’s October success? A higher number of new 2011 models to sell, which also brought down incentives. Details:
Chevrolet posted a 7% gain (+17% YTD), on the strength of a 54% increase in Equinox sales, as well as a strong start for the just introduced Cruze. Silverado sales eked out a modest 8% gain. The Equinox has a “11 day to turn” ratio, and GM is still struggling to keep up with demand. The Cruze sold a bit over 5k units in its roll-out month.
Buick, “the fastest growing major automotive brand in the US” (GM), saw a 39% increase, with YTD sales up a hot 55%. Buick’s sales are being fueled by the LaCrosse, Enclave and Regal. Buick claims that 42% of its buyers are coming from a non-GM brand.
GMC was up 30%, and is up 28% YTD. Sales momentum leaders are the Terrain (+85%) and Acadia (+65%)
Cadillac, which GM calls the fastest growing luxury brand, was up a more modest 15%, but is up a strong 40% for the year. Sales leaders are the CTS (+45%) and SRX (+27%). Retail sales increases were substantially higher than total increases, reflecting a lower percentage of fleet sales.
Automotive News reports that GM incentives were some $600 lower in October, a reflection of a higher mix of new 2011 models in the sales mix, as 2010 modals have been swept out more quickly than usual due to the substantially improved inventory control and higher sales.
Monty on Nov 04, 2010
Oh, gosh, it would be so much simpler if fleet sales were categorized as commerical fleet (government, industrial, etc.) and rental fleet. If company "A" has 24% volume in fleet sales, but it's all to rental agencies, well, that's bad. On the other hand, if company "B" has 24% fleet sales, but most of it is sold to commercial interests and governments, that's good fleet sales. My wife works for a truck dealership, and fleet sales are regarded as the ultimate sale - not only are the initial sales reasonably profitable, but there's guaranteed service once the original factory warranty has expired. Some of the government sales are good for 5 to 7 years of service and parts sales after the warranty period. Commerical fleet sales are good, and if the bulk of GM or Ford fleet sales are commerical, nobody should be calling either company on it.
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