The redone Silverado is now taking back some sales from Ford F-Series and FCA’s Ram brand.
General Motors (NYSE: GM) dealers in the United States delivered 231,378 vehicles during February. The anemic performance meant total sales were up 4% compared to a year ago. Retail sales were up only 1%. Commercial and fleet deliveries were up 12%. The good news for stockholders, though, were the sales of trucks, including SUVs, vans and pickups increased by 36% year over year. GM should receive more than $8 billion in revenue for the month.
Overall it appears that U.S. sales of new cars and light trucks expanded 8.5%, the best February volume since 2002. The average transaction price (ATP) for light vehicles was $32,245, up 2.8% from one year ago. Average incentive spending per unit decreased by $79 to $2,623. The ratio of incentive spending to ATP was 8.1%, contracting from 8.6% versus the prior year.
According to J.D. Power PIN data, the Chevrolet Silverado’s retail market share in the full-size pickup segment was 27.2% in February, up 1.5 percentage points from a year ago, at the expense of Ford’s F-Series and FCA’s Ram.
GM average transaction prices rose by almost $1,700 per unit from a year ago. In addition, strong truck and crossover sales drove the GMC brand to its best February in 13 years. GM incentive spending as a percentage of actual transaction prices was 9.7% in February, down 0.9 percentage points month over month, according to PIN estimates, while industry average spending was 9.9% of ATPs, up 0.1 points.
GM ATPs were $34,700, according to PIN estimates through Feb. 22, up $2,700 per unit compared to a year ago.
GM estimates that the seasonally adjusted annual selling rate (SAAR) for light vehicles in February was 16.5 million units. Trucks, including pickups, SUVs and vans, accounted for 17.3% of the retail industry, according to PIN, up 1.6 percentage points. Crossovers represented 39.2% of the market, up 1.2 percentage points, and cars represented 43.5%, down 2.8 percentage points.
Regina wait to you see the February truck sales. How quick we forget…
When I saw that truck sales were going up & hybrid sales were lagging, I didn’t know whether to laugh or cry. Gas prices are starting to go back up even as I type this. I was talking to Ross & he says now is the time to get a hell of a deal on a diesel car. Too bad we just got me a car in 2013, or I’d be shopping!