- Best November ever for Chevrolet Spark, Cruze and Equinox
- Best November for GMC since 2001
- Best November for Buick since 2003
DETROIT – General Motors Co. (NYSE: GM) dealers in the United States delivered 225,818 vehicles last month for the company’s best November sales in seven years. Total sales were up 6 percent compared to a year ago, retail sales were up 5 percent and fleet deliveries were up 11 percent.
GM estimates that the seasonally adjusted annual selling rate (SAAR) for light vehicles in November was 17.1 million, the highest November SAAR since 2003. Calendar year to date, the SAAR is 16.5 million units, which is the upper end of the 16.0 million – 16.5 million range GM forecasted at the beginning of the year.
Demand in November was robust for everything from smaller cars and crossovers to big trucks – all segments where GM is strong. The Buick brand had its best November since 2003. GMC had its best November since 2001, and the GMC Sierra had its best November sales ever.
At Chevrolet, the Spark, Cruze and Equinox also had their best November sales ever, Silverado had its best November since 2006 and Traverse had its best November since 2010.
“The buzz around Black Friday helped drive strong showroom traffic but there was a lot more at work in the market,” said Kurt McNeil, U.S. vice president of Sales Operations. “More people have jobs and job security, their wages are starting to increase, household wealth is growing and low pump prices look like they’re here to stay through 2015. All of this helped deliver an exceptional month and it will help keep auto sales at very healthy levels going forward.”
Additional November Highlights (vs. 2013 except as noted)
- The Cruze was up 26 percent, Spark was up 64 percent, Sonic was up 3 percent.
- Silverado was up 24 percent, Tahoe was up 10 percent and Traverse was up 14 percent.
- Dealers delivered 2,366 all-new Colorados, ahead of plan, with a low retail days supply of 21 days.
- GMC was up 23 percent.
- The Sierra was up 57 percent and the Yukon was up 14 percent.
- The Terrain was up 13 percent and 854 all-new Canyons were delivered, which is ahead of plan.
- Buick was up 27 percent.
- Encore had a 72 percent sales increase, LaCrosse was up 71 percent and Verano was up 22 percent.
- Cadillac Escalade deliveries were up 75 percent, with the retail days supply very tight at 16 days.
- Sales of the CTS sedan increased 18 percent.
Average Transaction Prices (ATPs):
- GM has now posted 26 consecutive months of year-over-year average transaction price (ATP) increases on the strength of new pickup trucks, SUVs and Cadillacs.
- ATPs were a record $35,600, according to J.D. Power PIN mid-month estimates, up $790 per unit compared to October and up $3,100 versus a year ago.
- Month over month, GM reduced incentive spending as a percentage of ATPs more than the industry average, according to PIN mid-month estimates, and the company has had the lowest incentives of all domestic automakers on an ATP basis in nine of the last 11 months.
- GM’s November incentive spending as a percentage of ATPs was 10.4 percent, down 1.2 points month over month, while industry average spending was 9.6 percent of ATP, down 0.1 points.
- In November 2013, GM’s incentive spending was 10.2 percent of ATP, and the industry average was 9.7 percent.
Fleet and Commercial:
- Fleet sales were up 11 percent.
- Commercial sales were up 1 percent, marking the 13th consecutive month of year-over-year growth.
- Large SUV commercial fleet sales were up 87 percent and full-size pickup commercial sales were up 47 percent.
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
In this press release and in related comments by our management, our use of the words “expect,” “plan,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. 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. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.