GM Relied More on Fleet Sales In September
GM sees an overall rise in sales to fleets, with 53 percent of Malibus being sold at a discount to fleets, more than twice the number expected.
According to the Dow Jones Newswire, more than half of Chevrolet Malibu sedans sold last month by General Motors Corp. (GM) went to rental car companies and other fleets.
The made-over Malibu was supposed to bring an end to the long- held practice of overproducing cars and then unloading them at a discount to rental car companies.
GM said its goal for the Malibu was to sell no more than 20 percent to rental car companies, down from 40 percent for the old models, but September reports show that 53 percent were sold to fleets that include rental car companies and government and corporate fleets.
GM’s overall sales of vehicles to fleet customers rose 17 percent while retail sales dropped 26 percent compared to last September’s records. Had fleet sales remained flat, GM would have seen sales fall 20 percent, which is still better than the overall market.
Malibu sales jumped 75% in September from a year ago, and are up 37% for the year, reports the Dow Jones Newswire.
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