No really, seriously. Despite some out there predicting a 7% decline in sales for the month of February, the General showed it's got some fight left in it as it beat the living snot out of expectations. The big phallic automaker smack dab in the center of Detroit saw sales up by 3.4% for the month, led by an astounding 11% increase in retail sales. And what makes that number even more amazing is that this was on top of a reduction of fleet sales by 18%. The full release is after the jump for you to read while we listen to Paul Ballew strut about on the sales call like a peacock and tear up all of these shorts we bought on GM stock.
GM Reports 311,763 Deliveries in February
GM Bucks Industry Trend - Total Sales Up, Led by an 11 Percent Retail Increase
The Truck Leader - Silverado and Sierra Power 29 Percent Increase in Full-Size Pickups
GMC Acadia and Saturn Outlook Drive 97 Percent Retail Increase in Mid-Utility Crossover Sales
Chevrolet Impala, Pontiac G6 and Saturn Aura Lead 25 Percent Increase in Mid Car Retail Sales
DETROIT - Despite an expected decline in U.S. industry sales, GM reported a 3.4 percent total sales increase, compared with February 2006. The sales gain was due to an 11 percent retail sales increase. Retail and fleet sales by GM dealers in the United States totaled 311,763 vehicles, compared with sales of 301,545 in February 2006. Fleet sales were down 18 percent due to a planned 25 percent reduction in daily rental sales.
"Our pickup, SUV and crossover business was terrific across the board. Our customers are telling us that we have the winning formula - the best products, industry-leading fuel economy and the best value," said Mark LaNeve, vice president, GM North American Sales, Service and Marketing.
February's performance was led by the new GMC Sierra and the North American Truck of the Year Chevrolet Silverado full-size pickups. Silverado had its best February sales month in five years, total full-size pickup sales were up 29 percent and total truck sales were up more than 7 percent compared with last February. The critically-acclaimed new GMC Acadia and Saturn Outlook drove a 97 percent retail increase in the mid-crossover segment.
"With GM offering the best coverage in our 5 year/100,000 mile powertrain limited warranty with roadside assistance and courtesy transportation, we believe customers see our vehicles as having outstanding value and quality that is better than the competition. With a less than stellar industry performance, our February sales results stand out." LaNeve added.
The Chevrolet, GMC, Saturn and Pontiac divisions all saw retail increases in February.
Retail truck sales were up 16 percent compared with February 2006 and total truck sales were up 7 percent. Leading the retail sales gains were full-size pickups, up 36 percent compared with February 2006, with positive showings by Chevrolet Avalanche, up 110 percent and Silverado, up 34 percent. GMC Sierra retail sales volume was up 27 percent compared with last February.
Retail increases by the Cadillac Escalade ESV and Escalade EXT, compared with February 2006, pushed GM's large luxury utilities segment up 7 percent compared with last February.
Driven by an increase in Chevrolet Aveo retail sales, GM's economy car segment retail volume was up 17 percent compared with February 2006. A 45 percent retail increase in Pontiac G6 and a 65 percent increase in Chevrolet Impala retail sales, compared with the same month a year ago, pushed GM's mid-car segment retail volume up 25 percent.
In February, GM's mix of total fleet to retail sales continued to improve significantly. Retail sales were 78.5 percent of total sales, compared with 73 percent last February; fleet sales were 21.5 percent, compared with 27 percent last year.
GM February sales reflected the continuing strength of the new product portfolio with competitive incentive spending, balanced with ongoing reductions in daily rental fleet sales.
Certified Used Vehicles
February 2007 sales for all certified GM brands, including GM Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles, Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles and HUMMER Certified Pre-Owned Vehicles, were 42,855 units, up nearly 6 percent from last February. Year-to-date sales for all certified GM brands are up nearly 8 percent from the same period last year.
GM Certified Used Vehicles, the industry's top-selling manufacturer-certified used brand, posted February sales of 37,840 units, up nearly 7 percent from February 2006. Year-to-date sales are 75,390 units, up 8 percent.
Cadillac Certified Pre-Owned Vehicles posted February sales of 3,111 units, comparable to last February. Saturn Certified Pre-Owned Vehicles sold 1,262 units in February, down 11 percent. Saab Certified Pre-Owned Vehicles sold 540 units, up 7 percent, and HUMMER Certified Pre-Owned Vehicles sold 102 units, up 183 percent.
"GM Certified Used Vehicles posted another strong month in February, with sales up nearly 7 percent from last February," said LaNeve. "We have had two excellent months to begin the year and with upcoming program changes in 2007, we're optimistic sales will continue to grow throughout the year."
GM North America Reports February 2007 Production, 2007 First-Quarter Production Forecast Remains Unchanged at 1.080 Million Vehicles, 2007 Second-Quarter Production Forecast Set at 1.175 Million Vehicles
In February, GM North America produced 348,000 vehicles (129,000 cars and 219,000 trucks). This is down 59,000 units or 15 percent compared to February 2006 when the region produced 407,000 vehicles (155,000 cars and 252,000 trucks). (Production totals include joint venture production of 20,000 vehicles in February 2007 and 26,000 vehicles in February 2006.)
The region's 2007 first-quarter production forecast is unchanged at 1.080 million vehicles (417,000 cars and 663,000 trucks). In the first-quarter of 2006 the region produced 1.255 million vehicles (496,000 cars and 759,000 trucks). Additionally, the region's initial 2007 second-quarter production forecast is set at 1.175 million vehicles (418,000 cars and 757,000 trucks), down 5 percent from second-quarter 2006 actuals. The production decrease is due to GM's ongoing efforts to reduce low-margin daily rental fleet sales, as well as managing inventory levels.
GM also announced revised 2007 first-quarter and initial second-quarter production forecasts for its international regions.
GM Europe - GM Europe's 2007 first-quarter production forecast is unchanged at 508,000 units. In the first-quarter of 2006 the region built 494,000 vehicles. The region's initial 2007 second-quarter production forecast is set at 467,000 vehicles. In the second-quarter of 2006 the region built 495,000 vehicles.
GM Asia Pacific - The region's 2007 first-quarter production forecast is revised at 538,000 vehicles. In the first-quarter of 2006 the region built 472,000 vehicles. GM Asia Pacific's initial 2007 second-quarter production forecast is set at 560,000 vehicles. In the second-quarter of 2006 the region built 482,000 vehicles.
GM Latin America, Africa and the Middle East - The region's 2007 first-quarter production forecast is unchanged at 225,000 units. In the first-quarter of 2006 the region built 194,000 vehicles. The region's initial 2007 second-quarter production forecast is set at 233,000 vehicles. In the second-quarter of 2006 the region built 206,000 vehicles.
General Motors Corp. (NYSE: GM), the world's largest automaker, has been the global industry sales leader for 76 years. Founded in 1908, GM today employs about 284,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com.
Note: GM sales and production results are available on GM Media OnLine at http://media.gm.com by clicking on News, then Sales/Production. In this press release and related comments by General Motors management, we use words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions to identify forward-looking statements, representing our current judgment about possible future events. We believe these judgments are reasonable, but actual results may differ materially due to a variety of important factors. Among other items, such factors might include: the pace of introductions and market acceptance of new products; the effect of competition on our markets and significant changes in the competitive environment; price increases or shortages of fuel; and changes in laws, regulations or tax rates. GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provide information about these factors, which may be revised or supplemented in future reports to the SEC on Form 10-Q or 8-K.
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