GM Retail Sales Down Slightly in November; Crossovers Continue to Carry Momentum Heading into 2018
General Motors’ sales in November totaled 245,387 vehicles, down 2.9% year-over-year; retail sales were down only 0.1% at 11,605 vehicles delivered. Despite the down month, GM remains optimistic about its positioning heading into the final month of the year as crossover sales continue to increase and bolster surging average transaction prices.
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“More vehicles are sold in December than any other month, and we are very well positioned because we have momentum in so many segments, but especially in crossovers,” said Kurt McNeil, US vice president of Sales Operations. “When we close the books on 2017, GM will show very healthy inventory levels, significantly lower daily rental sales for the third year in row, and the best year in our history for crossover deliveries by far.”
“U.S. economic growth has stepped up and we expect the momentum will carry over to 2018,” added GM Chief Economist Mustafa Mohatarem. “Employment continues to grow at a solid pace, wage growth will accelerate, and consumer confidence just hit a 17-year high, so industry sales should remain strong.”
In terms of total sales, all four GM brands posted year-over-year downturns in volume in November. At retail, however, Chevrolet posted a 1.9% increase for its best November performance in 13 years; this was driven by, among other things, an 18% year-over-year improvement from Colorado, 12% combined growth between Tahoe and Suburban, and a 59% increase and best November ever from Traverse.
The success of crossovers, and of GMC’s Denali sub brand, helped fuel $650 month-over-month and $1,400 year-over-year growth in average transaction prices.
Through November, GM’s sales are down 1.1% at 2,693,702 vehicles delivered, and retail sales are down 1.2% at 2,169,970 vehicles delivered.
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