February Corvette Sales – By the Numbers


2019 Corvette Switchblade Silver Metallic
2019 Corvette Stingray in Switchblade Silver Metallic.

Lack of Corvette Sales Lead to New Incentives

For the second month in a row, sales of the Chevrolet Corvette continue to lag far behind expectations set by last year’s numbers.

In February 2018, Chevrolet reported total sales of 1,351 Corvettes, which is a 35.1 drop in sales YOY as compared with the 2,081 Corvettes sold in February, 2017.  Additionally, 1st Quarter Corvette sales are down 29.5 percent compared to total unit sales this time last year – 2,356 units in 2018 versus 3,344 units in 2017 year-to-date.

2019 Opulent Blue Metallic Corvette Coupe
2019 Corvette Stingray in Opulent Blue Metallic (RPO GTR).

As before, Chevrolet suspects the decline in sales are driven, at least in part, by the imminent arrival of a mid-engine C8 Corvette However, these sales number are foreboding given the incentives that Chevrolet has in place at this time to entice would-be consumers to purchase a new Corvette.

Recent negative press related to lawsuits filed against GM for overheating issues with the Z06 Corvette may also be discouraging consumers.

Currently, Chevrolet is offering an unadvertised Flex Cash rebate of $8,000 on new 2017 models and $6,000 on new 2018 models.  Additionally, Chevrolet continues to offer the $2,017 incentive on 2017 models.  Combined, these rebates can save consumers more than $10,000 off a new 2017 Corvette.  (For more information on these discounts, please click here.)

US Corvette Sales by Month and Year

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2018 1005 1351 2101
2017 1263 2081 2460 2756 2535 2612 1930 1748 1506 1345 2565 2278
2016 1501 2116 2753 3142 2673 2483 2159 3063 2829 2626 1941 2709
2015 2127 2605 3785 3469 3514 2807 2794 2725 2572 2526 1952 2453
2014 2261 2438 3480 3514 3328 2723 3060 2679 2467 2959 2378 3552
2013 908 980 1053 974 905 853 671 655 831 3929 2527 3005
2012 629 927 1376 1396 1219 1475 987 1210 1351 1167 1104 1291
2011 721 955 1163 1454 1304 1299 1291 936 1147 946 910 1038
2010 854 624 955 1089 1428 1405 1199 1135 1109 1011 836 979
2009 842 1027 1183 1407 1643 1396 966 746 1585 1154 952 1033
2008 2015 2071 2692 3190 2904 2082 1870 4242 2318 1170 1093 1324
2007 2234 2784 3158 3227 3300 2377 2377 2877 2837 2484 2438 2914
2006 2579 3058 3655 3516 3317 2938 2794 2990 3056 2761 2773 3081

Cadillac Sales up 14 percent in February

  • Best February ever for GMC Acadia and Chevrolet Equinox and Traverse
  • Double-digit growth for GMC Terrain and Chevrolet Suburban
  • Commercial deliveries up 15 percent

DETROIT  General Motors (NYSE: GM) today reported 220,905 car, crossover and truck deliveries in the United States in February.

  • Cadillac saw a 14 percent sales increase versus a year ago, driven by the XT5, ATS and the Escalade.
  • Since the beginning of 2018, the Cadillac Escalade has gained significant retail market share and posted large increases in average transaction prices (ATPs) despite new competition in the segment. Through February, Escalade retail sales are up 10 percent, retail segment share is up 3 percentage points and transaction prices are considerably higher, rising about $1,400 per unit to more than $82,700.
  • Chevrolet’s crossovers were up 7 percent compared to a year ago, with the Equinox, Traverse and Bolt EV posting their best-ever February sales.
  • The Chevrolet Suburban and Colorado also had very strong February sales, with deliveries up 28 percent and 7 percent, respectively.
  • GMC crossovers were up 19 percent, with the Terrain posting a 17 percent year-over-year increase, and the Acadia was up 22 percent.
  • A 6 percent gain for the Buick Enclave, which is all-new for 2018, and a 33 percent increase in Buick car deliveries drove a 1 percent increase for the brand.
  • A strong mix of truck and crossover deliveries, a significantly higher mix of 2018 models compared with key competitors and sharply lower incentives year over year helped GM improve ATPs by about $750 per unit, according to J.D. Power PIN estimates.
  • Fleet sales were up 7 percent, driven by a 15 percent increase in Commercial deliveries.

Calendar year to date, Commercial deliveries are up 33 percent, due to a combination of strong products, business confidence and tax reform. Much of the gain was in full-size pickup trucks, underscoring the strength of the U.S. economy. Small business deliveries also helped drive sharply higher sales of large vans.

“Consumer confidence is at its highest level since 2000, the economy is strong, our newest products are selling very well and we have successfully managed the transition to the 2018 model year far better than most of our competitors,” said Kurt McNeil, U.S. vice president, Sales Operations. “Customer demand, GM’s new products and upcoming launches are in perfect tune.”

Later today, GMC will unveil its all-new 2019 Sierra and Sierra Denali light-duty pickups. On March 7, Chevrolet will unveil the all-new 2019 Chevrolet Silverado 4500HD and 5500HD, which are chassis cab trucks designed for commercial and small business customers. Later this month, Cadillac will unveil its first-ever XT4 crossover.

Other GM Highlights (vs. 2017)

  • GM sales were down 6.9 percent in total and 10 percent on a retail basis compared to an exceptionally strong February 2017. Last year, GM had record sales of crossovers, large SUVs and pickups. The light vehicle SAAR was 17.5 million units, compared with about 17.1 million today.
  • GM’s incentive spending as a percentage of ATP was 13.2 percent, down 1.7 percentage points. Incentive spending for GM was down more than $500 per vehicle, while the industry average was down $64. About half of major automakers increased spending.

General Motors Co. (NYSE:GM) has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com

Source: GM Media

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