- Record ATPs reflect retail strength and strong mix
- Disciplined incentive spending significantly below industry average
- Inventories low but growing on all-new Buick Envision, GMC Acadia and Cadillac XT5
- Cadillac gains retail share
DETROIT – Despite very tight dealer inventories, General Motors (NYSE: GM) sold 212,915 vehicles to individual or “retail” customers in August, down about 5 percent from last year, but in line with the industry’s retail performance for the month.
Based on initial estimates, Chevrolet’s retail market share rose 0.4 percentage points in August to 11.0 percent. Chevrolet has gained retail market share in seven out of eight months this year, and remains the industry’s fastest growing full-line brand.
GM’s total sales in August were down about 5 percent year over year to 256,429 vehicles.
Year to date, GM’s performance is reflecting a very strong retail business.
- Retail share up 0.5 percentage points
- Average transaction prices up more than $2,500
- Disciplined incentive spending, in line with 2015
- Daily rental deliveries down 34 percent
- Disciplined inventory levels and growing availability of key launch products
Through the first eight months of the year, GM retail sales are up 1 percent, which continues to be the largest retail share gain of any full-line automaker. Year to date, Chevrolet retail sales are up more than 2 percent and the brand’s retail share has grown 0.5 percentage points. Year to date, Buick retail deliveries have grown 3 percent and Buick has gained 0.1 percentage points of retail share.
“Despite tighter dealer inventories, we had a solid retail performance in August led by Chevrolet, which gained retail share in eight different segments,” said Kurt McNeil, U.S. vice president of Sales Operations. “Our retail strength is reflected in our record ATPs in August, which were up more than $1,600 from last month and nearly $5,800 above the industry average while our incentive spending was below the industry average and well below our domestic competitors.”
In addition, GM continues to take advantage of a strong, stable U.S. economy and industry.
“All the economic 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. “We think the industry is well positioned for a sustainable high level of customer demand.”
August Retail Sales and Business Highlights vs. 2015 (except as noted)
- Malibu, Cruze, Trax, Silverado, Colorado, Spark, Tahoe and Suburban, and Corvette all gained retail share in their respective segments
- Colorado, Suburban, Tahoe and Trax were up 35 percent, 42 percent, 29 percent and 17 percent, respectively
- Cruze, Malibu, Corvette and Volt were up 18 percent, 9 percent, 16 percent and 52 percent, respectively
- Year to date, Chevrolet posted its best retail sales performance since 2007
- Year to date, Malibu had its best performance since 1981
- Corvette had its best August since 2008
- Tahoe and Suburban had their best August since 2008
- Colorado had its best August ever
- Crew Cab Silverado had its best August ever
- HD Silverado had its best August since 2007
- Canyon, Yukon and Yukon XL were up 39 percent, 43 percent and 66 percent, respectively
- The brand had its highest monthly ATP on record at $45,000
- Denali penetration reached more than 28 percent, the highest on record
- Sierra had its best year to date sales since 2006
- Canyon had its best August ever
- Yukon and Yukon XL had their best August since 2007
- Yukon had its 12th consecutive month of year over year growth
- Buick dealers delivered 1,531 Envisions, in line with plan
- All-new Lacrosse began shipping to dealers in late August
- Year to date, Encore up 21 percent
- Six out of 10 Cascada buyers and more than half of Encore buyers are new to GM
- Escalade was up 8 percent
- Cadillac dealers delivered 4,839 XT5s
- CT6 had its best month since launch
Average Transaction Prices (ATP)/Incentives (J.D. Power PIN estimates)
- GM’s ATPs, which reflect retail transaction prices after sales incentives, were $36,730, nearly $5,800 above the industry average and more than $2,500 above last August’s performance
- GM’s incentive spending as a percentage of ATP was 11.1 percent, below the industry average of 11.5 percent and well below other domestic and select Asian competitors.
Fleet and Commercial
- GM’s fleet mix in August was 17 percent of total sales, below the company’s full-year guidance of 20 percent and 19 percent year to date
- According to plan, daily rental sales were 10 percent of GM’s total sales for August and 10 percent year to date with deliveries up 4 percent in August
- Large vans were up 18 percent for August
- Sales to small business are up 3 percent year to date
- GM estimates that the seasonally adjusted annual selling rate (SAAR) for light vehicles in August was approximately 17.2 million units. On a calendar year-to-date basis, GM estimates the light-vehicle SAAR was 17.3 million units
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 https://www.gm.com
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