By the Numbers - October 2008: "Thanks, GMAC!" Edition
by John Neff on Nov 3rd 2008 at 4:00PM 
Sales for the month of October 2008 were... ahem... not good. The auto industry in the U.S. has found a way to slide further into oblivion with only a few bright spots from Audi and MINI, the latter of which enjoyed monster sales last month we suspect on account of greater production capacity this year versus October 2007.While all the major players were down, General Motors, the largest of them all, was hit the hardest. Its sales volume for October 2008 fell 45% compared to last year. It went from selling an average of 11,923 cars per day in October 2007 to just 6,318 last month. Each of its brands were down, with HUMMER taking the Biggest Loser crown (yet again). The real story, however, is how close behind the other brands were, with Cadillac falling 55.1%, Buick 46.3%, Chevy 40.3%, GMC 52.5%, Pontiac 48.2% and Saturn 54.6%.
What can account for GM's entire brand portfolio taking such a hit? GMAC, the financing arm of General Motors that's majority owned by Cerberus. Halfway through the month GMAC decreed it would only lend money only to buyers with a credit score above 700, which effectively wiped out in-house financing for the majority of GM customers. While dealers could still work with banks to secure financing (and were encouraged to do so), it appears the damage wrought by GMAC could not be undone.
| BY THE NUMBERS - October 2008 | ||||||
|---|---|---|---|---|---|---|
| Brand | Vol. % Change | Total Sales 10/08 | Total Sales 10/07 | DSR % Change | Daily Avg. 10/08 | Daily Avg. 10/07 |
| Acura |
-21.56% | 10,108 | 12,886 | -24.46% | 374 | 496 |
| Audi | 0.3% | 7,443 | 7,420 | -3.4% | 276 | 285 |
| BMW | -13.9% | 20,203 | 23,451 | -17% | 748 | 902 |
| Buick | -46.3% | 7,642 | 14,231 | -48.3% | 283 | 547 |
| Cadillac | -55.1% | 9,541 | 21,267 | -56.8% | 353 | 818 |
| Chevrolet | -40.3% | 107,313 | 179,825 | -42.5% | 3,975 | 6,916 |
| Chrysler | -50.8% | 19,903 | 40,440 | -52.6% | 737 | 1,555 |
| Dodge | -27% | 53,267 | 73,020 | -29.75% | 1,973 | 2,808 |
| Ford | -27.9% | 114,969 | 159,361 | -30.5% | 4,258 | 6,129 |
| GMC | -52.5% | 21,109 | 44,456 | -54.3% | 782 | 1,710 |
| Honda | -25.66% | 75,756 | 101,913 | -28.41% | 2,806 | 3,920 |
| HUMMER | -64.6% | 1,368 | 3,864 | -66% | 51 | 149 |
| Hyundai | -31.1% | 20,820 | 30,232 | -33.7% | 771 | 1,162 |
| Infiniti | -28.5% | 7,112 | 9,954 | -31.2% | 263 | 383 |
| Jeep | -32.9% | 21,360 | 31,856 | -35.4% | 791 | 1,225 |
| Kia | -38.5% | 15,483 | 25,185 | -40.8% | 573 | 969 |
| Lexus | -35.2% | 16,283 | 25,119 | -37.6% | 603 | 966 |
| Lincoln | -27.7% | 7,399 | 10,229 | -30.3% | 274 | 393 |
| Mazda | -25.9% | 16,442 | 22,201 | -28.7% | 609 | 854 |
| Mercedes-Benz | -34.3% | 14,996 | 22,820 | -36.7% | 555 | 878 |
| Mercury | -47.4% | 6,753 | 12,844 | -49.4% | 250 | 494 |
| MINI | 56.4% | 5,272 | 3,370 | 50.6% | 195 | 130 |
| Mitsubishi | -19.3% | 7,486 | 9,280 | -22.3% | 277 | 357 |
| Nissan | -33.5% | 49,833 | 74,992 | -36% | 1,846 | 2,884 |
| Pontiac | -48.2% | 13,054 | 25,182 | -50% | 483 | 969 |
| Porsche | -50.1% | 1,427 | 2,862 | -52% | 53 | 110 |
| Saab | -13.2% | 1,975 | 2,275 | -16.4% | 73 | 88 |
| Saturn | -54.6% | 8,583 | 18,908 | -56.3% | 318 | 727 |
| Subaru | NA | |||||
| Suzuki | -46.7% | 3,482 | 6,536 | -48.7% | 129 | 251 |
| Toyota | -21.3% | 135,818 | 172,473 | -24.2% | 5,030 | 6,634 |
| Volkswagen | -7.9% | 15,889 | 17,260 | -11.4% | 588 | 664 |
| Volvo | -52.1% | 3,717 | 7,761 | -53.9% | 138 | 299 |
| COMPANIES | ||||||
| BMW Group | -5% |
25,475 |
26,821 |
-8.5% |
944 |
1,032 |
| Chrysler LLC | -34.9% | 94,530 | 145,316 | -37.4% | 3,501 | 5,589 |
| FoMoCo | -30.2% | 132,838 | 190,195 | -32.7% | 4,920 | 7,315 |
| General Motors | -45% | 170,585 | 310,008 | -47% | 6,318 | 11,923 |
| Honda Amer. | -25.2% |
85,864 |
114,799 |
-28% |
3,180 |
4,415 |
| Nissan NA | -33% | 56,945 | 84,947 | -35.4% | 2,109 | 3,267 |
| Toyota Mo Co | -23% |
152,101 | 197,592 | -25.9% | 5,633 | 7,600 |
Update: Dodge numbers fixed.
Reader Comments (Page 1 of 5)
TJ 4:08PM (11/03/2008)
Amazing that Mini is considered a winner with total monthly sales less than half the average daily rate for GM. Heck, HUMMER alone had greater monthly sales than Mini...
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gmpphoto 4:26PM (11/03/2008)
"HUMMER alone had greater monthly sales than Mini..."
How do you figure that?
Hummer 10/08 1,368 total sales, daily average 51
Mini 10/08 5,272 total sales, daily average 195
Brn 4:26PM (11/03/2008)
What chart are you looking at?
Jared 4:26PM (11/03/2008)
Because every one of those MINI sales was profitable for MINI. Most all of the GMC and Hummer sales were unprofitable.
TJ 4:29PM (11/03/2008)
*cough*lookingat10.07likeanidiot*cough*
nevermind....
Andrew L 4:31PM (11/03/2008)
no they didn't, Hummer only sold 1300 while Mini sold 5200
The Luigiian 4:41PM (11/03/2008)
TJ, I hate to say it but I think that that's the dumbest thing you've said on Autoblog. And you're generally a good poster, don't get me wrong, but the truth of the matter is that the real question is whether a company is making money, and whether it's growing or shrinking. MINI is a winner simply because it's growing, and that means it'll have more money for R&D, advertising, and other important details. GM is a loser because it's shrinking, meaning it'll have less money for R&D, advertising and keeping the lights on.
The success of a company is not dependent on its size, but rather whether it can sell all the products it makes at a profit.
TJ 4:59PM (11/03/2008)
Lig... I admitted that I accidentally looked at the 07 column instead of the 08, 13 minutes before you just posted.
Honest mistake, long week already. Mini almost outsold Mercury... looks like a pretty good month after all. Can they maintain the momentum?
The Luigiian 5:04PM (11/03/2008)
I'm not talking about that TJ. You said in your first comment that you were surprised MINI was considered a winner because it's smaller than GM. You made it sound like GM was a winner simply because it has more market share than MINI does. The Hummer stats I don't mind.
TJ 5:15PM (11/03/2008)
Not smaller... substantially smaller. I am not incorrect that GM as a whole had a daily sales rate of 6,318 versus Mini's monthly sales of 5,272... I had looked at the 10.07 number of 3,370 in error.
I would like to see the model-based numbers of vehicles in Mini's price category, and then against the size category. I am skeptical of the massive increase, given that the only difference in model lineup is the questionable Clubman, and am curious how the 5272 compares to other small vehicles.
Chris 6:00PM (11/03/2008)
The real news is that more Saabs sell than Hummers now :P
Really, I never could believe that brand sold so few
just be you 9:59AM (11/19/2008)
Wow, who cares about the total volume of sales when a company's costs exceed their earnings?! The chart is showing the percentage of change in sales from the previous year which is a mirror image of the economy--and yes, GM;s poor management and non-existent forsight. My take on their demise is that everything rises and falls on leadership, and the Big Three have had poor leadership for years (Lee Iaccoca being the exception). FUH2.com gives plenty of reasons NOT to purchase a Hummer (EVER)and the reasons are given without even showing the superior German engineering in the Mini or Audi. The Hummer is the automotive representation of our FAT-ass society's mentality--bigger is better and might makes right. It's a lie, and the truth always comes out in the end. Personally, I am enjoying the demise of the Big Three but I doubt their management will pay any of the penalties for their poor decisions, much like the banks are filing bankruptcy then their CEO's are jumping from the rooftops protected by their golden parachutes. It's past time for a drastic readjustment of American values and ethics--even it if hurts, a lot.
TurboCharged 4:08PM (11/03/2008)
This makes me sad:(
but go Mini!:)
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RxMadness 4:09PM (11/03/2008)
This is what happens when you use employee pricing to move inventory. Nobody's gonna buy a car for 3k more than it cost 1 month ago.
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Tourian 4:11PM (11/03/2008)
You are right, that's part of it, but still by far the most damage was done by GMAC's decision to increase the minimum bureau they'd extend credit too. Lots of people needed to by cars but couldn't, despite the fact that employee pricing was gone.
Gabagool 4:34PM (11/03/2008)
Tourian, no one forced GM to sell 51% of GMAC to Cerberus.
Tourian 5:44PM (11/03/2008)
Gaba, and your point is? That doesn't change the fact that it was tough for GM's dealers to do business when their number one source of credit was severely restricted.
Judy Zik 9:50PM (11/03/2008)
Don't be silly Gigadrool. GM needed money to survive so they sold off an asset. No one expected GMAC to decide to start turning down half of GM's customer base. If you have any understanding of how the world let alone the American economy works you would stop cheering for GM's downfall. If they come crashing down you Mommy and Daddy might not be able to afford internet anymore. Then again that might not be a bad thing after all.
steveo391 4:09PM (11/03/2008)
wow, just when you thought it couldn't get any worse
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SPG 4:13PM (11/03/2008)
No chance that the current theme for Volvo (the new XC60 will do well I however) is the wrong theme?
Maybe some Volvo's that we can all agree are Volvo's again? No, I'm not suggesting a retro 240 and 740 revival. Just somthing that will work better with the public.
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