Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Stock

GM reports best U.S. quarterly sales since 2020

DETROIT — General Motors reported its best quarterly sales in more than three years, including notable increases in full-size pickup trucks and all-electric vehicles.

The Detroit automaker on Tuesday reported sales of 696,086 for the second quarter, up 0.6% from a year earlier and its highest quarterly units sold since the fourth quarter of 2020.

Its EVs deliveries increased 40% compared to a year earlier to 21,930 units. Still, EVs made up only 3.2% of its total second quarter sales.

Auto industry forecasters such as Cox Automotive and Edmunds expect second-quarter sales industrywide, which included July 1, to be roughly level from a year earlier amid slowing retail demand.

An unknown outlier in the second quarter is how much of an impact cyberattacks on dealer software provider CDK Global will have on sales. The June 19 ransomware attack forced CDK, a market leader, to shut down its dealer management system, impacting close to half of all dealerships in North America.

“The CDK cyberattacks have thrown a monkey wrench into sales during the second half of June, affecting what is arguably one of the most lucrative and busiest times of the month and quarter for dealerships,” said Jessica Caldwell, Edmunds’ head of insights.

Dealers, including the industry’s largest publicly traded ones, were forced to delay sales or figure out workarounds to sell vehicles since the attacks occurred.

All six of the major publicly traded franchised dealership groups have disclosed their exposure to the CDK issue. Five of the six — Asbury Automotive Group, AutoNation Inc., Group 1 Automotive Inc., Lithia Motors Inc. and Sonic Automotive Inc. — use CDK as their primary dealership management system provider, according to Automotive News. 

“The good news is — unlike other black swan events that the industry has contended with in the past — sales shouldn’t be lost or severely deferred, but rather pushed into the third quarter,” Caldwell said.

This post appeared first on NBC NEWS
Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com