Major automakers posted mixed U.S. November new vehicle sales for November on Friday, with General Motors Co (GM.N) and Fiat Chrysler Automobiles NV (FCA) (FCHA.MI) down largely on lower fleet sales, while Ford Motor Co’s (F.N) sales rose.
No. 1 U.S. automaker GM said its sales fell 2.9 percent in November, with sales to consumers flat versus the same month in 2016. Much of the decrease was driven by lower fleet sales to rental agencies, businesses and government agencies.
GM said strong SUV and crossover sales pushed its average transaction price for the month above $37,000 for the first time. The company’s level of unsold cars, which has been a concern for analysts and the industry, rose slightly to 83 days supply from 80 days at the end of October.
Fleet sales are a low-margin business for automakers. FCA in particular has targeted a significant reduction in this type of sale in 2017.
The automaker posted a 4 percent overall decrease in sales for November, but said fleet sales were down 25 percent while sales to consumers were up 2 percent on the year.
via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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