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
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.
Are there any stats on subprime buyers by marque? I wonder if Gm has the most exposure.
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:
https://m.youtube.com/watch?v=9-M5xg2Uyxw
I wouldn’t read too much into it. As long as Ford and Chrysler report monthly, these can be used as a proxy for GM.
Does Bezos have any GM shares?
Zero Hedge Headline: Subprime Auto Bubble Bursts As “Buyers Are Suddenly Missing From Showrooms” The headline apparently applies to subprime new car buyers, but as Bernanke found out, it didn’t remain confined to subprime.
After GM’s illegal obama bailout and nullification of 200 years of contract law – why should any of this surprise you?
Just as the monthly sales numbers are about to (or have just started to) TANK, they stop reporting the monthly sales numbers. A mere co-incidence, I’m sure.
So the Fed will be basing their policy decisions in part based on a “30-day snap shot that does not accurately reflect the market”. Seems about par for the course. Hey its Masters week, I couldn’t resist the pun.
Can you say next bailout! Fed gettin ready to buy up all those vehicles sittin on dealers lots
* All of the above?
What GM is saying is that the FED is the magician that can conjure up or make data disappear, they know about the inflation thing.
I suspect option three is the correct one.