DETROIT, March 1, 2017 /PRNewswire/ -- Record sales of
crossovers, large SUVs and pickups in February drove General
Motors' (NYSE: GM) retail market share up more than one-half
percentage point versus a year ago. Average transaction prices,
which reflect what customers pay after sales incentives, also set a
February record.
"Our retail-focused go-to-market strategy is delivering robust
results," said Kurt McNeil, U.S.
vice president, Sales Operations. "All of our brands grew their
average transaction prices by healthy amounts, and we delivered
solid growth in the industry's fastest-growing and most profitable
segments."
February Highlights (vs. February
2016)
- GM's total sales were up 4 percent to 237,388 units compared
with an estimated 1 percent decline for the industry. This equates
to a market share of 17.5 percent, an increase of 0.9 percentage
points.
- Retail sales totaled 188,715 units, up 5 percent, compared with
a flat industry. This equates to a market share of 17.7 percent, an
increase of 0.7 percentage points.
- GM's average transaction prices (ATPs) rose $570 per unit to $34,900, a February record. Three years of J.D.
Power PIN data show that GM has led the industry in ATPs in 35 of
36 months through February.
- GM internal data shows that incentive spending was essentially
flat year over year. This is in sharp contrast to recently
published PIN estimates that noted an increase of 2.7 percentage
points to 15 percent of ATP.
- Commercial deliveries were up 7 percent, driven by an 11
percent increase in pickup sales and a 75 percent increase in
Chevrolet Malibu sales. It was the best February Commercial sales
since 2008. Government sales were up 4 percent and daily
rental deliveries were down 2 percent. Total fleet sales were up
2 percent.
- Small business deliveries, which are included in retail sales,
were up 13 percent, driven by a 22 percent increase in
full-size pickups and a 39 percent increase in large vans.
- GM estimates the seasonally adjusted annual selling rate (SAAR)
for light vehicles was approximately 17.5 million units.
Brand Highlights (vs. February
2016)
- Chevrolet had its best February retail sales since 2007 and its
best February total sales since 2008. Crossovers deliveries set a
February record for the brand.
- Three Chevrolet models ― the Trax, Equinox and Volt ― had their
best February total and retail sales ever. Traverse had its
best-ever February total sales, and its best February retail sales
since 2011.
- Deliveries of the Chevrolet Bolt EV approached 1,000
units. The national rollout of the crossover is just underway.
- The Chevrolet Suburban had its best February retail sales since
2008, and the Silverado had its best February total and retail
sales since 2007.
- Buick had its best February retail sales since 2004, driven by
the all-new Envision and the Encore, which set a February
record.
- GMC had its best February retail sales since 2002, with trucks
and crossovers up 18 percent and 15 percent, respectively.
Standouts include the Canyon, up 21 percent; the Sierra, up 19
percent; the Acadia, up 22 percent; and the Terrain, up 8
percent.
- GMC Denali penetration, at 26 percent of GMC retail sales, was
the highest for any February in history.
- GM estimates that Chevrolet and GMC earned more than 40 percent
of all full-size pickup retail sales, with ATPs up nearly
$600 per unit.
- Cadillac XT5 retail deliveries were 6 percent higher than the
SRX it replaced. Average transaction prices are 8 percent higher
than SRX.
GM 2017 Outlook
GM is optimistic that the company, and Chevrolet in particular,
will continue to gain retail market share in an industry expected
to remain at or near record sales levels.
"Looking ahead, we will stay focused on strengthening our
brands, growing retail sales and share, reducing daily rental
deliveries and maintaining our operating discipline," McNeil said.
"Our strong small business deliveries are a clear sign of growing
confidence in the economy."
- In 2016, GM was the industry's fastest-growing full-line
automaker on a retail sales basis, and Chevrolet has been the
fastest-growing full-line brand for two consecutive years.
- Ten all-new or recently redesigned crossovers are expected to
drive GM's sales and share higher in 2017, including the Chevrolet
Equinox and GMC Terrain, which will compete in the industry's
largest segment.
- GM's deliveries to daily rental companies are expected to
decline as a percentage of total sales for the third year in a
row.
- GM intends to match production with customer demand, and the
company's overall operating discipline should help drive continued
improvements in brand health and resale values.
- Year-end inventories, which include in-transit vehicles, are
expected to be in the same range as 2016.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners
produce vehicles in 30 countries, and the company has leadership
positions in the world's largest and fastest-growing automotive
markets. GM, its subsidiaries and joint venture entities sell
vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden,
Jiefang, Opel, Vauxhall and Wuling brands. More information on the
company and its subsidiaries, including OnStar, a global leader in
vehicle safety, security and information services, can be found at
http://www.gm.com
Forward-Looking Statements
In this press release and
in related comments by our management, we use words like
"anticipate," "appears," "approximately," "believe," "continue,"
"could," "designed," "effect," "estimate," "evaluate," "expect,"
"forecast," "goal," "initiative," "intend," "may," "objective,"
"outlook," "plan," "potential," "priorities," "project," "pursue,"
"seek," "should," "target," "when," "will," "would," or the
negative of any of those words or similar expressions to identify
forward-looking statements that represent our current judgment
about possible future events. In making these statements we rely on
assumptions and analyses based on our experience and perception of
historical trends, current conditions and expected future
developments as well as other factors we consider appropriate under
the circumstances. We believe these judgments are reasonable, but
these statements are not guarantees of any events or financial
results, and our actual results may differ materially due to a
variety of important factors, both positive and negative. These
factors, which may be revised or supplemented in our reports on SEC
Forms 10-K, 10-Q and 8-K, include among others the following: (1)
our ability to deliver new products, services and customer
experiences in response to new participants in the automotive
industry; (2) our ability to fund and introduce new and improved
vehicle models that are able to attract a sufficient number of
consumers; (3) the success of our full-size pick-up trucks and
SUVs, which may be affected by increases in the price of oil; (4)
global automobile market sales volume, which can be volatile; (5)
aggressive competition in China;
(6) the international scale and footprint of our operations which
exposes us to a variety of domestic and foreign political, economic
and regulatory risks, including the risk of changes in existing,
the adoption of new, or the introduction of novel interpretations
of, laws regulations, policies or other activities of governments,
agencies and similar organizations particularly laws, regulations
and policies relating to free trade agreements, vehicle safety
including recalls, and, including such actions that may affect the
production, licensing, distribution or sale of our products, the
cost thereof or applicable tax rates; (7) our joint ventures, which
we cannot operate solely for our benefit and over which we may have
limited control; (8) our ability to comply with extensive laws and
regulations applicable to our industry, including those regarding
fuel economy and emissions; (9) costs and risks associated with
litigation and government investigations including the potential
imposition of damages, substantial fines, civil lawsuits and
criminal penalties, interruptions of business, modification of
business practices, equitable remedies and other sanctions against
us in connection with various legal proceedings and investigations
relating to our various recalls; (10) our ability to comply with
the terms of the DPA; (11) our ability to maintain quality control
over our vehicles and avoid material vehicle recalls and the cost
and effect on our reputation and products; (12) the ability of our
suppliers to deliver parts, systems and components without
disruption and at such times to allow us to meet production
schedules; (13) our dependence on our manufacturing facilities
around the world; (14) our highly competitive industry, which is
characterized by excess manufacturing capacity and the use of
incentives and the introduction of new and improved vehicle models
by our competitors; (15) our ability to realize production
efficiencies and to achieve reductions in costs as we implement
operating effectiveness initiatives throughout our automotive
operations; (16) our ability to successfully restructure our
operations in various countries; (17) our ability to manage risks
related to security breaches and other disruptions to our vehicles,
information technology networks and systems; (18) our continued
ability to develop captive financing capability through GM
Financial; (19) significant increases in our pension expense or
projected pension contributions resulting from changes in the value
of plan assets, the discount rate applied to value the pension
liabilities or mortality or other assumption changes; and (20)
significant changes in economic, political, regulatory environment,
market conditions, foreign currency exchange rates or political
stability in the countries in which we operate, particularly
China, with the effect of
competition from new market entrants and in the United Kingdom with passage of a referendum to
discontinue membership in the European Union. We caution readers
not to place undue reliance on forward-looking statements. We
undertake no obligation to update publicly or otherwise revise any
forward-looking statements, whether as a result of new information,
future events or other factors that affect the subject of these
statements, except where we are expressly required to do so by law.
GM's Investor Relations website at http://www.gm.com/investors
contains a significant amount of information about GM, including
financial and other information for investors. GM encourages
investors to visit our website, as information is updated and new
information is posted.
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SOURCE General Motors