General Motors Company reported U.S. October sales of 177,603 vehicles, up 4% from last October, the company’s first year-over-year gain since January 2008.
Total sales increased 13% when compared with September, which was a payback month because of the post “Cash for Clunkers” binge in August and subsequent hangover. However, year-to-date GM’s total sale are off 34%.
GM’s four core brands — Chevrolet, Buick, GMC, and Cadillac – accounted for about 95% GM’s retail sales, an increase of ten percentage points compared to the prior year.
What is unknown at this point is the cost of sales, as GM continues its 60-day money back guarantee, rebate and interest rate incentive programs. The leader in the U.S. market has promised non-GAAP financial statements to it taxpayer owners by the middle of this month.
“We’re very pleased with consumer acceptance to our newest cars, crossovers and trucks,” said Susan Docherty, GM vice president, U.S. Sales. “While we have more work to do, we are making progress and will continue our focus on delivering vehicles and a sales and service experience that brings consumers to Chevrolet, Buick, GMC and Cadillac – and keeps them coming back.”