General Motors’ U.S. new car and truck sales jumped 49 percent in February, aided by sweeter financing and lease deals.
Compared with last February, GM sold 207,028, exceeding analyst estimates, and even GM’s own expectations.
The increase was driven largely by a 70% jump in retail, or individual consumer, sales!
GM said demand was strongest for its newer models, including the Chevrolet Equinox, Silverado HD, Cruze and Volt. “Crossover” vehicles, which are more fuel-efficient, were also popular last month.
“Our plan was to get off to a quick start this year, and we did just that,” GM sales chief Don Johnson said in a written statement. “Having the right vehicles in inventory, combined with aggressive advertising and targeted consumer marketing has been the key to our success in the first two months this year.”
According to TrueCar.com, an automotive pricing Web site, GM’s average incentive spending per car in February was $3,863, or $975 above the industry average.
However, GM’s U.S. sales analyst, Don Johnson, said that rising gasoline prices as a result of the current turmoil in the Middle East could pose a threat to sales in the months ahead.
U.S. auto sales surged by 27 percent in February, exceeding the most bullish analyst forecasts
Brand Key Facts:
Chevrolet: Chevrolet dealers delivered 142,919 total vehicles in February, a 43-percent increase versus last year. Retail sales for Chevrolet rose 69 percent and were propelled by improving Cruze sales
Buick: Buick reported 15,807 total sales, a 73-percent increase compared to February 2010. This includes a 90-percent surge in year-over-year retail sales, led by Regal (3,541units), Enclave and LaCrosse, which had retail sales 45 and 28 percent higher than last year, respectively.
GMC: GMC reported total sales of 32,534, a 59-percent increase compared to the same month last year. This marks the 17th consecutive month of year-over-year sales increases. Retail sales were 61 percent higher than last year, spurred by Sierra, Terrain, Yukon and Acadia – up 87 percent, 76 percent, 63 percent and 25 percent, respectively
Cadillac: Cadillac reported total sales of 15,768 for February – 70 percent higher than last February, with retail sales increasing 83 percent. February was the 13th consecutive month of year-over-year total and retail sales gains. CTS retail sales rose 159 percent, driven by strong demand for the all-new CTS Coupe and Sedan. SRX retail sales were up 62 percent compared to a year ago, and the Escalade family saw retail sale rise 27 percent versus February last year.
Photo credit: PATRICIA BECK/Detroit Free Press