General Motors Company (GM) sales grew 13% compared to a year ago
General Motors Company (NYSE:GM) dealers have delivered around 284,694 vehicles in the United States in May, which is up 13% compared to a year ago. This is GM’s best May in seven years and its best total since August 2008. GM’s retail sales, which are vehicles sold to individual buyers, are up 10%. Fleet sales are up 21%. GM is expecting to increase its total marketshare year-over-year.
“The momentum we generated in April carried into May, with all four brands performing well in a growing economy and 17 vehicle lines posting double-digit retail sales increases or better,” stated Kurt McNeil, GM’s U.S. vice president of Sales Operations.
Chevrolet sales are up 14% total for the month, which is due to a 26% increase in car deliveries. Buick sales are up 11% in total and 10% on a retail basis. Buick saw its best May total and retail since 2005. Cadillac and GMC had its best May total and retail sales since 2007.
Here is the comparison breakdown for May 2014 compared to 2013:
– The seasonally adjusted annual selling rate (SAAR) for light vehicles was an estimated 16.5 million units – the third consecutive month above 16 million.
– Cruze was up 41 percent. Chevrolet Corvette deliveries were up 268 percent, Spark sales doubled, Camaro was up 30 percent and Impala was up 23 percent. Malibu retail sales were up 12 percent.
– Retail sales of Chevrolet and GMC large SUVs doubled, while retail sales of the Chevrolet Equinox and GMC Terrain were up 16 percent and 13 percent, respectively.
– Chevrolet Silverado and GMC Sierra sales were up for the third month in a row, with May deliveries up 8 percent and 14 percent, respectively.
- At Cadillac, sales of the CTS sedan were up 39 percent and Escalade deliveries were up 30 percent. SRX sales were up 27 percent, for the vehicle line’s best May ever.
– Buick Encore deliveries more than doubled and Regal sales were up 49 percent.
– GM’s average transaction prices (ATPs), including full-size pickup ATPs, were in line with April. Calendar year to date, GM’s ATPs are up about $2,700.
– Incentive spending as a percentage of average transaction price was 10.4 percent, down 0.5 points from a year ago, according to J.D. Power PIN estimates. The industry average for May was 9.9 percent.
– Commercial fleet sales were up 21 percent for the seventh consecutive monthly increase and the best month since September 2008. Within commercial fleet, full-size van sales were up 46 percent and full-size pickups were up 35 percent.
– Small business deliveries, which are included in retail sales, were up 10 percent.
GM needed a win. GM recalled around 12.8 million vehicles this year alone due to issues like faulty ignition switches. The faulty ignition switch was connected to around 13 deaths since 2001.