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GM Reports 21.9% Adjusted Decline In August Car Sales, Estimate At -19%, Just In Time For IPO
GM sold a total of 185,176 cars in August, a decline of 24.9% from the 246,479 from August of last year (although, there were 26 selling days last year, compared to 25 this year, ergo the adjusted 21.9% decline). Also, dealer inventory jumps in sign nobody wants to buy a government car yet. We sure wonder where CNBC gets their "better than expected" numbers: if, unless, it is the totally fudged and massaged number that GM would like the public to believe is indicative of anything more than just fleet purchases of 4 "core" brands.
Full release below: we hope Phil Lebow can highlight the part that he thinks is so good for US consumers, and future GM IPO participants.
DETROIT, Sept. 1 /PRNewswire/ --
August sales for Chevrolet, Buick, GMC and Cadillac decreased by a combined 11 percent to 184,921 units, compared to last August, a month in which the automotive industry experienced the highest level of sales in 2009 due to the Cash for Clunkers stimulus program. Compared to July 2010, sales for GM's brands were down 7 percent.
Through August, Buick remained the industry's fastest growing brand with sales up 61 percent year-to-date. Cadillac leads the luxury vehicle industry in sales growth this year, with sales 50 percent higher through August.
"Last year's Cash for Clunkers program spiked industry sales in 2009, so results this August were not surprisingly a bit mixed," said Don Johnson, vice president, U.S. Sales Operations. "Importantly, three of our four divisions showed solid gains. This is further evidence that our performance is the result of balanced contributions across our brands."
Combined sales for Buick, GMC and Cadillac were up 37 percent for the month, compared to a year ago. Buick sales increased 66 percent, propelled by retail sales that more than doubled during the month. Cadillac dealers reported sales that were 83 percent higher than last year, and the brand's retail sales also rose 83 percent. GMC total sales were up 12 percent during the month, driven by strong retail sales. Chevrolet, which benefited the most from last year's federal stimulus, had a total sales decline of 22 percent compared to last year, while retail sales were down 31 percent.
Total sales of GM's full-size pickups rose 4 percent during the month, while its full-size utilities increased 7 percent on strong retail sales growth.
Johnson noted that key product launches for the remainder of this year will continue the company's momentum. "With the all-new Chevrolet Cruze hitting showrooms in September, the Chevrolet Volt later this year, the Buick Regal expanding Buick's footprint in the U.S., and the Cadillac CTS Coupe generating a lot of attention, we have reason to be optimistic," Johnson said.
Month-end dealer inventory in the U.S. stood at about 452,000 units, which is about 28,000 higher compared to July 2010, and about 73,000 higher than August 2009.
August Key Facts and Brand Results:
Chevrolet: Chevrolet delivered 131,952 total vehicles in August, a 22 percent decline year-over-year. Year-to-date total Chevrolet sales are up 19 percent. Retail sales for Chevrolet full-size trucks (Silverado, Avalanche, Tahoe and Suburban) rose 8 percent. ( read more ).
Buick: Buick reported total sales of 14,294, an increase of 66 percent in August compared to last year. Driven by continuing strong customer demand for the LaCrosse (retail sales up 263 percent) and growing demand for the all-new Regal, Buick retail sales more than doubled for the second month a row, up 102 percent, compared to last year. August was the eleventh straight month that total and retail sales have increased. With sales up 61 percent for the year, Buick remains the fastest growing major auto brand in the U.S. ( read more ).
GMC: GMC reported total sales of 25,986, a 12 percent increase in total sales in the month of August, compared to the same month last year. This includes an 18 percent increase in retail sales, marking 11 consecutive months of year-over-year total and retail sales gains for GMC. Retail sales for GMC full-size trucks (Sierra, Yukon and Yukon XL) increased 12 percent during the month and retail sales for the Terrain rose to 3,667 units. For the year, GMC total sales are up 26 percent ( read more ).
Cadillac: Total sales of 12,689 for August were 83 percent higher than last August, with retail sales increasing 83 percent. This strong retail performance was driven by continuing strong consumer demand for the SRX and the CTS, with retail sales up 410 percent and 77 percent, respectively. August was the seventh month in a row that Cadillac total and retail sales have increased. With total sales up 50 percent for the year, the brand is the fastest growing luxury auto brand in the industry (read more ).
Fleet sales for GM's four brands were 51,951 for the month.
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Go Gubmint Motors! And Dear Leader CEO Chairman ObaMao! Must mean we're set for another +2% market wide spike within minutes!
Then F sales later which no matter what will of course reinforce the bizarro-world 'stawks up no matter what' new reality.
Slight edit, TD.
"Month-end dealer inventory in the U.S. stood at about 452,000 units, which is about 28,000 higher compared to July 2010, and about 73,000 higher than August 2009."
Gov't Motors wouldn't have done this intentionally to raise the ISM numbers. Would they?
Gubmint Motors CEO Chairman MaoBama FUDGE the numbers? Simply outrageous pre-crime thoughts, commrade.
That should be good for another +100 points
ontop of the +250 its up already
This market is F%cking nuts ! NUTS!
I think they are trying to ramp oil up and Gold down
But of course !
:-)
if Curly says things are nuts, things are really nuts
This isn't bad news, just good management of expectations. It's part of what we've all come to know and love about our American icon, General Motors.
...with apple pie.
I'm just going to keep posting this all day for all the poor souls who are getting squeezed.
http://www.youtube.com/watch?v=IPiNIzSM3RQ
Thanks Turd, all better now.
That will be sung at gunpoint as the Sheeple are marching to the FEMA internment camps.
I hear they will have HBO
That explains why we have a rally with lower car sales, currency debasement overnight, gold cannot get hard for some odd reason, and a butterfly flaps its wings.
I have never seen a day like this
the CAC which looked about to go off a cliff with its 200 DMA average curling over
after months in the death cross now goes up nearly 4 percent on one bit of still bad news. really insane
I capitulate no more shorts for me or Longs
Ok this makes no sense to me. Auto Sales falling off a clif, Still losing jobs faster than chip, and Housing worst in 20+ years and the market is up.....
sorry I guess it does make sense :-) ahahaha
It does make sense if you realize that the printing presses are now being used for the PPT; I would love to see their trades.
Yes, I am getting screwed worse than the "pooch", but why wouldn't one be short particulary considering the present economy and a bit of history. I am going to post this all day everytime "Turd" posts that Mitch Miller shit.
http://seekingalpha.com/article/223207-and-now-for-september?source=hp_wc
What? You think I'm happy about this. My nuts are in a vise, too.
I'm just not gonna get too upset until/unless S&P closes above 1100.
Point well taken. I just didn't want any Johnny Bravo b/s today as I see my nuts around my ear lobes at this point.
I think 1110 by the end of the week is quite likely. Then the wheels fall off (?)
If you build it, they will come.
Chart: ES
Another day, another channel...still down.
http://www.screencast.com/t/MTk1MWM1ODI
Things must be really bad today DOW up 237 points,if the DOW was a human being it would be sectioned and put in an asylum.
I own a Cadillac and was having an oil change at the local Caddy dealer. The showroom was full and one of the guys I know that works there says they can barely keep up with the demand for new Escalades and those go for at least $60k+ a pop. Also,Edmunds says that used Escalades have increased in value over 30% since cash for clunkers ended.
Just one personal data point but it ties in with the Caddy info on the above press release.
Now WTF this is the way it is, I have no idea.
Escalade is the most stupid, idiotic vehicle manufactured in the US (Hummer no longer being made by a US Co.)
Just shows you that the Sheeple are right on schedule for their ultimate slaughter and final annihilation.
FOOLS!!!
Nothing screams "I have penis issues" quite like the Escalade. In a few short years it's managed to replace the Corvette in that department. GM must be so proud.
Agreed. I see Escalades with $800-$1000++/month payments parked in front of places I wouldn't let my dog live. Apparently the narcotics strike force does not?
At lease the Vett has some performance and with a bit of tweaking you can race it on weekends. Not a snow belt vehicle though.
such good preparation for peak oil
Motorsports is a game for the rich.
Electric car time. I drive a small 4cyl and a motorcycle in the summer. Next car will be all electric when they become available in mass with bugs worked out.
it would be neat to convert an old porche body. Lightweight, very cool.
These guys do just that....
http://evporsche.com/
Mortgage, or Escalade....I'm going with the Escalade to impress people when I am homeless.
It is easy for a lot of people to stop paying their mortgage and buy junk lately.
Isn't the escalade big enough to live in?
they are real f*ckheads
You get nothing sitting in cash and there is no way you can risk it in these insane markets
not that i want to give satanic companies my cash anyway
Its crazy
even gold gets taken down
there IS NO SAFE HAVEN
Total Immoral madness
if free markets were allowed those sitting on cash could really clean up
and thats how its supposed to be
"even gold gets taken down"
I have wondered about this. As of right now, gold is still holding.
To make people believe in a true recovery, I think it will need to come down. That may be a long time from now.
Why? Gold didn't go down in 2003...
I don't know exactly. I am not sure about gold in general.
Maybe 2003 wasn't a real recovery and the gold holders new it. Back then, the retail person wasn't selling gold because they didn't have any to sell.
Now, if people feel a true recovery was happening without a collapse, wouldn't they want to sell gold for stocks and real estate? If the gov wants to trigger a false signal, taking down gold could be an option.
This calls for the combined brains of Washington and Wall Street!
Answer: A new 30 second Net Broadcast and TV ad showing the Obama family driving through the USA in a new Chevy!
Open competition for best tagline......
First entry: "You hoped, America, now change! Drive a Chevy!"
"Let me be clear..Buy a Chevy this year!"
"edit duplicate post"
"edit duplicate post"
"WTF! I hit save once and it posts four times?
Sorry folks."
I hope your trades aren't like this.
Sells count once, buys count 4 times. So THAT'S why the market is up!
+1 lmao!
'Why you imbecile, I'll moidah ya!"
I want my government debit card with picture of Lucia Tovar on the front please.
It will be issued by JPMorgan Chase. At least that is who the government credit cards that Colorado issues are through. I have to think there are other states involved in this filth.
OT: As TD mentioned (and I saw on RAN Squawk - but NO WHERE ELSE) - I thought the two most relevant numbers for the long-term (more than HFT-time) were the Greek PMI and the Irish Unemployment. Both showed measurable declines - indicating austerity is not working quickly enough, and that those countries really do not have a way out. What's the Greek 10-year bond at right now? How about a nice muni default today (Harrisburg)? Day to day movements aside, the defaults are still coming. A wacky ISM number doesn't forestall that.
justa heads up boys, but down here in Oklahoma, this may intrest you
http://www.tulsaworld.com/news/article.aspx?subjectid=32&articleid=20100901_32_A1_Tlaaeo823296
and why not just in Tulsa. Check www.dailyjobcuts.com for data from 2010 especially June, July.
and why not just in Tulsa. Check www.dailyjobcuts.com for data from 2010 especially June, July.
The only rational I see for the rally today is the ISM data was leaked ahead of time accounting for the large buying yesterday at the close and the lack of selling after the ADP report.
Contrary to popular belief the rally has nothing to do with
1. Changes good or bad in the economy
2. QE2
3. Jobs
It's just a matter of whoever was leaked the info gaming the people that don't have the info into covering, selling bonds etc. I doubt the unemployment data Friday is better than expected. Hopefully it gets leaked althought that's not likely since leaks are via the Obama admin's willingness to leake it.
I wonder how many of the GM sales have been made to the Iraqi Reconstruction Commission? I see GM trucks all over Baghdad. I think every police officer was issued a GM truck. Let's see the market is up 248 points this morning. And the economy is so great......gotta wonder.
You got it.
So you want to buy a 50.000$ car... but in your last tax report, you only seem to make 45K a year... are you hiding something from us?
You can tell us! We're just car salesmen remember!
0% financing for 20 years. You can do it!
0Double post
This of course is not pro forma for the subprime acquisition which turns the number to a +25% Y|Y - should be good for a mid teens P/E on the massive upside froma re-intro of "My 98"
http://www.youtube.com/watch?v=vYblg4i2HD8
This of course is not pro forma for the subprime acquisition which turns the number to a +25% Y|Y - should be good for a mid teens P/E on the massive upside froma re-intro of "My 98"
http://www.youtube.com/watch?v=vYblg4i2HD8
The Caddy CTS isn't bad for socialism. Hail Lenin.
Like watching a half full baloon with a slow leak.
Die Gimmee Motors, die.
Be careful how you interpret. Last month, an American publication ran an article that in India, there's a GM model that has a two month wait list. There's the US centric view and a global view. GM may very well be turning a profit in India. The auto bailout was for Wall Street, who holds most of the paper, and not for anyone else.
"dealer inventory jumps in sign nobody wants to buy a government car yet"
No kidding! Hey here's a great idea... nobody is buying cars, so let's not have our usual July factory shutdown so we can make more crap that nobody wants (and can't afford)! 1970s style Soviet central planning at its finest.
Maybe they can ship them over to china's empty cities.
I'm going to be checking my local Big Lots and 99 Cent store soon for GM cars
Do you think it time for GM to change its name to "Volkswagen"?
Obdachlosewagen
Just remember what was going on last August in car sales.....the sales decline should surprise no one. The massive inventory remaining at month-end is pretty nasty though.
Dudes, why you guys would play the stock market blows my mind. I own gold (physical) and have been a buyer for years... I trade the FX market for a few reasons, mainly its a race to the bottom, and is easier to see on a chart how the CB's are making that happen... I have taken every penny I have made in the FX market out of the market with GOLD for 12 years...
I trade the FX Market (and teach people how to trade it for FREE)...
Nothing turns me on more than turning digital transactions into REAL MONEY (GOLD) and removing it from their hands, until I am ready to use it for other things.
Cheers
CKF
1637:
Dudes, why you guys would play the stock market blows my mind. I own gold (physical) and have been a buyer for years... I trade the TULIP BULB market for a few reasons, mainly its a race to the bottom, and is easier to see on a chart how the CB's are making that happen... I have taken every penny I have made in the TULIP BULB market out of the market with GOLD for 12 years...
I trade the TULIP BULB Market (and teach people how to trade it for FREE)...
Nothing turns me on more than turning digital transactions into REAL MONEY (GOLD) and removing it from their hands, until I am ready to use it for other things.
Cheers
CKF
Callinf Phil LeBlow.......Come in Phil LeBlow. IT is time to start sucking the cock of GM on tv again. We need to reassure the American people that they will profit from the GM bailout and rewriting of Bankruptcy Law which took place after the US Gov't broke all the existing laws.
Romancio:
Thanks for your edits, they were funny!
I am about to buy a GMC Syclone, the last great car by GM.
Jesus...with the shoddily made crap that GM has put out over the past thirty years or so, it's a wonder that they can sell a bucket of water to a guy on fire. I've been turning wrenches for most of my life, and there isn't a damn thing going on in those fucking tin-cans that makes any sense whatsoever. I did a four year stint at an aftermarket upfitting shop, part of which involved adding snow plows to the trucks that rolled through. The Fords and Dodges could eat the extra weight on the front end with no problem, but the fucking Chevy/GM trucks would bottom out unless you racked the torsion bars up as far as they could go. Fully independent A-frame front ends on 1-ton trucks? Just how much crack do the engineers smoke before they start doodling with their crayons?
Updated S&P500 charts:
http://stockmarket618.wordpress.com
Y'all should have been there in '79-80 when the sharp pencils all decided that they should run out their existing tooling making Chevy Citations and Ford Fairmonts and Dodge Aspens. They lost market share to Asia that never came back.
Different year, same thinking.
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