GM Vehicle Sales Collapse 11%
Just a month ago, we were exuberantly told that the 14.7% rise in August sales for GM (against an expectation of an 11% rise) was not just great news but was entirely sustainable. Some suggested that this was merely demand dragged forward as rates rose, dealers channels were stuffed, and the vinegar strokes of an exuberant Fed were occurring. Today we have our answer...
- *GM U.S. SEPT. VEHICLE SALES FALL 11%, EST. DOWN 4.2%
- Inventory up to 82 days from 64 days!! (Surge to 670,191 units from 628,644 prior)
We are sure that weather played a role; the calendar didn't help; government (Republicans) are probably at fault somehow; and it's a 'blip' but it seems like quite a miss for a "sustainable" new normal in auto sales.
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