General Motors Continues to Gain Retail Share, Dump Daily Rentals in July
General Motors’ retail sales in July were up 5% with 236,235 vehicles sold across the Chevrolet, Buick, GMC, and Cadillac brands. Retail market share is, based on initial estimation, up 1 percentage point at a 17.9% share; this is GM’s highest retail market share for any month since December 2011, and it is the 14th month in 15 that the automaker has seen retail market share gain.
Overall sales were down 1.9% at 267,258 vehicles as GM continues to cut down on daily rentals. GM reported that daily rental sales were down 10,160 vehicles (a 42% year-over-year decrease) in July, a figure that aligns well with its aspirations.
“Our retail-focused plan is working and as availability of our new cars, trucks and crossovers continues to grow, we expect to keep our retail sales momentum going and our strong margins intact,” said Kurt McNeil, U.S. vice president of Sales Operations. “We are growing our retail business while keeping inventories lean, incentive spend disciplined and growing our transaction prices faster than the industry average.”
Through seven months, GM’s retail sales total 1,373,336 vehicles, up 1.9%. Retail share is up 0.6 percentage points, the largest such increase for any full-line automaker. Chevrolet has gained 0.5 percentage points and remains the fastest-growing full-line brand in the business, and both Buick and GMC have gained 0.1 percentage points.
Overall sales are down 4% at a total of 1,706,173 units, but GM happily reports that daily rental sales are down 38%.
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