William Maley

July 2016: General Motors

9 posts in this topic

William Maley    394
GM’s Gains One Percentage Point of Retail Share in July, Driving Share to Highest Level Since December 2011
  • Chevrolet continues as fastest growing full-line brand
  • GM retail sales grows 5 percent, continues as fastest growing full-line manufacturer
  • Chevrolet, GMC, Buick, and Cadillac July retail sales up 3 percent, 10 percent, 13 percent and 1 percent, respectively
  • Less profitable daily rental deliveries down 10,160 vehicles or 42 percent in July, as planned 
DETROIT – General Motors (NYSE: GM) sold 236,235 vehicles to individual or “retail” customers in July, up 5 percent year-over-year, driven by across the board increases at Chevrolet, GMC, Buick and Cadillac.  GM’s brands collectively had their best July retail sales performance since 2007.
 
Based on initial estimates, GM’s retail market share rose 1 percentage point in July to 17.9 percent, GM’s highest monthly retail market share since December 2011.  GM has gained retail market share in 14 of the past 15 months, dating to April 2015. From a retail share perspective, Chevrolet, GMC and Buick gained 0.4 percentage points, 0.3 percentage points and 0.2 percentage points in July, respectively.  Less profitable daily rental sales were down 10,160 vehicles or 42 percent, in July as planned. GM’s total sales in July were down less than 2 percent to 267,258 vehicles.     
 
Through the first seven months of the year, GM retail sales are up 2 percent and retail share is up 0.6 percentage points, the largest retail share gain of any full-line automaker.  Year to date, Chevrolet retail sales are up 3 percent and the brand’s retail share has grown 0.5 percentage points. Chevrolet remains the fastest-growing full-line brand in the industry.  Year to date, Buick retail deliveries have grown 6 percent and Buick has gained 0.1 percentage points of retail share.  In addition, GMC’s year to date retail sales are up slightly and GMC grew retail share by 0.1 percentage points.
 
GM continues to dominate the full-size pickup segment.  The ongoing sales performance of the Chevrolet Silverado and GMC Sierra full-size pickups shows GM’s product portfolio strength with retail customers. According to JD Power PIN estimates, combined retail sales of the Silverado and Sierra grew to more than 43 percent of the full-size pickup segment in July.
 
“Our retail-focused plan is working and as availability of our new cars, trucks and crossovers continues to grow, we expect to keep our retail sales momentum going and our strong margins intact,” said Kurt McNeil, U.S. vice president of Sales Operations. “We are growing our retail business while keeping inventories lean, incentive spend disciplined and growing our transaction prices faster than the industry average.”
 
GM ended July with a 66-days supply of vehicles.  GM’s first and second quarters ended with 71 and 72 days supply of vehicles, respectively.  Lean inventories reduce the pressure to use incentives to move product and positions the company well if the market begins to soften.
 
As part of its retail-focused strategy, GM continues to reduce daily rental deliveries, as planned. Through July, GM’s daily rental deliveries are down 38 percent from a year ago.   
 
In addition, GM continues to take advantage of a strong, stable U.S. economy to grow its retail business.
 
“Low interest rates, full employment, stable fuel prices and increasing wages remain in place and these positive factors continue to point toward a strong second half of the year and another potential record year for the industry,” said Mustafa Mohatarem, GM’s chief economist. 
July Retail Sales and Business Highlights vs. 2015 (except as noted)
 
Chevrolet
  • Light-duty crew cab Silverado sales were the best ever for a July, and best ever for year to date
  • Colorado, Equinox, Suburban, Tahoe, Traverse and Trax were up 27 percent,  8 percent, 13 percent, 12 percent, 24 percent and 63 percent, respectively
  • Suburban and Tahoe had their best July since 2007 and best year to date since 2008
  • Equinox had its best July on record
  • Traverse and Trax had their best month ever
  • Colorado had its best July since 2006
  • Spark, SS and Volt sales were up 42 percent, 62 percent and 83 percent, respectively
  • Spark and Volt had their best July and year to date performances ever
GMC
  • Canyon and Sierra up 34 percent and 21 percent, respectively
  • Terrain, Yukon and Yukon XL were up 2 percent, 21 percent and 26 percent, respectively
  • Best July ever for Terrain
  • Best July for Sierra since 2006
  • Yukon has achieved 11 straight year-over-year increases
  • Best year to date sales for the brand since 2005
  • All-new Acadia has strong start with “days to turn” at 11 days
Buick
  • Regal was up 16 percent
  • Enclave and Encore were up 7 percent and 6 percent, respectively
  • Buick dealers delivered 1,421 Envisions in July with “days to turn” at 21 days
  • Best July for Regal since 2011
  • Best July ever for Enclave
  • Best month ever for Encore
  • Encore has achieved 31 straight months of year-over-year gains
  • Best year to date sales for the brand since 2005
Cadillac
  • ATS and Escalade were up 15 percent and 1 percent, respectively
  • Cadillac dealers delivered 4,844 XT5s with a “days to turn” at 25 days
  • Year to date, Cadillac held the highest ATP in the luxury segment with $53,891
Average Transaction Prices (ATP)/Incentives (J.D. Power PIN estimates)
  • GM’s ATPs, which reflect retail transaction prices after sales incentives, were $34,887, more than $4,100 above the industry average and more than $1,100 above last July’s performance
  • GM’s incentive spending thru July 24th was 14.2 percent.  Final July incentive spend is expected to be in line with domestic competitors.
  • GM’s temporary spike in incentive spending resulted from an eight-day sale in early July to begin the sell-down of several 2016 model year vehicles.  GM’s incentive spending average for the year is 11.4 percent, compared to an industry average of 11.0 percent and well below other domestic and select Asian competitors.
Fleet and Commercial
  • GM’s fleet mix in July was 11.6 percent of total sales, below the company’s full-year guidance of 20 percent
  • Year to date, Commerical and Government deliveries were up 1 percent
  • Small business sales were up 4 percent year to date
Industry Sales
  • GM estimates that the seasonally adjusted annual selling rate (SAAR) for light vehicles in July was 17.9 million units. On a calendar year-to-date basis, GM estimates the light-vehicle SAAR was 17.3 million units
  • Year to date, industry sales are up nearly 1 percent, compared to 2015

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Cadillac looks to be up.. Wow.. XT5 outsold the MKC and MKX combined.. even with the SRX still stealing some of its sales at 1300. Malibu dropped tremendously.. what has happened? I see them everywhere. GM put a hurtin on F-150 with 10K more Silvy/Sierras. Add in the Canyon and Colorado being up 20% and WOW. Loving how Cadillac is boasting highest ATP these days. Makes one wonder what they could do if they had more CROSSOVERS in the higher range 

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surreal1272    677

Cadillac looks to be up.. Wow.. XT5 outsold the MKC and MKX combined.. even with the SRX still stealing some of its sales at 1300. Malibu dropped tremendously.. what has happened? I see them everywhere. GM put a hurtin on F-150 with 10K more Silvy/Sierras. Add in the Canyon and Colorado being up 20% and WOW. Loving how Cadillac is boasting highest ATP these days. Makes one wonder what they could do if they had more CROSSOVERS in the higher range 

Agreed about the Malibu. I have been seeing those everywhere around Phoenix. Wondering why such a bug drop in one month (aside from the fact that Chevy was fire selling them at this time last year). The Camaro is still taking a beating though without a real explanation. 

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cp-the-nerd    426

All of Chevy's volume selling sedans were way down this month: Impala, Malibu, and Cruze dropped over 25%. I'd really like to see the reason for that after Chevy sedans had been such strong sellers lately.

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smk4565    323

Camaro I imagine appeals to a bit of an older male buyer, and the Camaro is hard to get in and out of and to see out of.  So those are big drawbacks to a purchase.  Even still, 60,000 a year is pretty good sales volume for a coupe that mostly is in the $30-40k range.  

 

Sedan sales are in the tank because people want crossovers.   I think the government could impose a 10% tax on all crossovers and crossover sales won't go down, it is just what the people want.  I don't like crossovers, the the buying public does.

 

I guess the 2017 XTS will have get more fleet sales, the 2018 XTS will probably be fleet sale only and they can dump that model. XTS sales I think are below the DTS sales when they killed it, and the car market is stronger now than it was then.

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ocnblu    733

Chevy's 20% off sales event had mixed results.  Trax definitely benefited, but the beautiful Impala did not.  I think Spark got a boost from it too.  The Spark is easily the nicest minicar available.  I see a lot of new Cruzes on the street, not sure why the figures are so low... ramp-up difficulties?  Seems like the Sonic is getting lost in the shuffle between the improved Spark and Cruze.  Sonic will have its work cut out when the Cruze hatch comes out.  I think the Camaro has two problems.  A rehashed look (from a distance) on an excellent new chassis, and high prices v. the traditional rivals.  I would also say GM's midsize truck gamble has clearly paid off... even if the horrible Tacoma has the production capacity to keep them at bay.

Edited by ocnblu

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Chevy's 20% off sales event had mixed results.  Trax definitely benefited, but the beautiful Impala did not. 

 

 

20% was not on all Impalas across the board and only ran for like a week and a 1/2

 

 

I think Spark got a boost from it too.  The Spark is easily the nicest minicar available.  I see a lot of new Cruzes on the street, not sure why the figures are so low... ramp-up difficulties?  Seems like the Sonic is getting lost in the shuffle between the improved Spark and Cruze.  Sonic will have its work cut out when the Cruze hatch comes out.

 

 

I don't see a problem here with the Sonic vs Spark. They are virtually the same car... and like the Trax.. should have been named, in this case, SONIC "Mini" and SONIC "Tall" to begin with. Obviously better names could have been hashed out.

 

 

 

 I think the Camaro has two problems.  A rehashed look (from a distance) on an excellent new chassis, and high prices v. the traditional rivals.  I would also say GM's midsize trick gamble has clearly paid off... even if the horrible Tacoma has the production capacity to keep them at bay.
 
The look may have something to do with it up to a degree.. as Camaro5 buyers might not see enough change to jump to the new model.. even though the performance is hands down better. I still say that the main culprit remains pricing.. as the Camaro is still decidedly about $4000 more than a Mustang or Chally
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Camaro I imagine appeals to a bit of an older male buyer, and the Camaro is hard to get in and out of and to see out of.  So those are big drawbacks to a purchase.  Even still, 60,000 a year is pretty good sales volume for a coupe that mostly is in the $30-40k range.  

 

I guess the 2017 XTS will have get more fleet sales, the 2018 XTS will probably be fleet sale only and they can dump that model. XTS sales I think are below the DTS sales when they killed it, and the car market is stronger now than it was then.

 

 

Where do U come up with this stuff. The Camaro's age demo is according to Chevrolet ... Camaro buyers cluster in two age bands—20 to 30 years old, and 45 to 55. Where the age demo may have a lot to do with sales this time around is in the 20-30 stage.. as  again... the price is up by an avg $4000 and quite frankly a lot of 20-30 year olds simply can't afford to jump the gun as easily as they could with the Camaro5. The 45-55 age rang might just be opting for the C7 Vette that wasn't out from 2010-2014.. in all its iterations.

 

The XTS should be going fleet. Cadillac is in serious transition. It has two large Sedans carrying the the same price in some areas.. and a large Sedan and a mid-size literally starting and continuing in the same price range.

 

Truth is as long as the XTS is selling.. along with the Impala, and Lax on Epsilon.. they should continue making it. That car.. along with the Escalade is a money mint. 

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dfelt    1,782

Looking at the full Q2 Earnings Transcript is very interesting, so ATPs are up a full $1500 per auto across the board. Page 3 has some wondering insightful info. Net incomve raised 150% year over yre

 

http://www.gm.com/content/dam/gm/mol/docs/GM-2016-Q2-Earnings-Transcipt.pdf

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