GM Halts Monthly Car Sales Reports (Except to the Fed)

Monthly car sales come out tomorrow. After tomorrow, GM will only report quarterly, except to the Fed.

GM claims monthly sales reports are inaccurate, so it will switch to quarterly reports.

General Motors Co. said on Tuesday it will stop reporting monthly U.S. vehicle sales, saying the 30-day snapshot does not accurately reflect the market and will instead issue quarterly sales.

“Thirty days is not enough time to separate real sales trends from short-term fluctuations in a very dynamic, highly competitive market,” Kurt McNeil, U.S. vice president for sales operations said in a statement.

GM will also no longer report monthly sales in China, its largest market, and Brazil. GM will provide monthly data to the U.S. Federal Reserve, industry associations and government agencies across the globe but that data is not made public.

What's the Message?

  • The data is inaccurate, so let's give it to the Fed?
  • Only the Fed knows how to interpret inaccurate data?
  • We expect future sales to suck?

Mike "Mish" Shedlock

Comments
No. 1-16
theplanningmotive
theplanningmotive

Last year the president of the American automobile assocation stated that the top 5% buy all the new cars. He obviously did not mean the cheaper range. The stock market could have a bigger effect on car sales than sub-prime setting aside bad debts.

Axiom7
Axiom7

Are there any stats on subprime buyers by marque? I wonder if Gm has the most exposure.

Matt Foley
Matt Foley

Have you seen the videos of what if GM used real people instead of paid actors? They’re hilarious. I will caution you on the language at the beginning of this one:

Snow_Dog
Snow_Dog

... and if the can’t ? Well, we can always rely on data from Tesla.

Sorry, I couldn’t resist.

Snow_Dog
Snow_Dog

Jeremy Grantham, GMO :
“I see flat returns in equitiesor even net losses for the next seven years”

Mike Shedlock, Sitka Pacific :
“Sell your house now if you can”

Jeff Gundlach, DoubleLine Capital :
“There will be a big end cycle rally in commodities”

Ray Dalio, Bridgewater Associates :
“You’re going to be sorry if you’re holding cash”

John Hussman, Hussman Funds:
“The sky is falling (paraphrase) ...for any of these reasons my charts point out”