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Thread: June GM sales

  1. #1
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    Default June GM sales

    I found this entertaining and a good read.

    Have a great day

    Richard

    79% of GM’s sales last month was ‘government purchased’

    July 12th, 2012

    Remember how Obama keeps telling us how he saved GM, and how our economy is getting better, it seems the car company he bought is being saved by Govt employees using our tax money to buy new cars. 79% of GM’s sales last month was government purchased.

    GM’s sales figures for last month were the best since 2008 , up 16% for the month of June. YIPPEE! Well, wait just a minute. It seems that those rosy sales figures are due primarily to a 79% increase in fleet sales to the U.S. government in June. That’s right. Our tax dollars are being used to pump up GM’s sales figures ahead of next month’s quarterly report so that Dear Leader can point to Government Motors as a huge success. The incestuous relationship between GM, the UAW and the Regime has never been more glaringly apparent. I’ve said it before and I’ll say it again. GM is unsustainable without government subsidies and will ultimately go bust again, taking billions of taxpayer dollars down with it.

    We bailed out General Motors to the tune of $50 billion. $30 billion of this is effectively a loss, mostly sunk into fattening the United Auto Workers union—fierce Obama supporters—while the actual bondholders were shown the elevator shaft.

    Meanwhile, as News Busters reports, “We the Taxpayers are still stuck holding 500+ million shares of GM stock. Which we need to sell at $53 per. Which debuted post-bankruptcy at $33 per. And which is currently trading at just over $20 per. Meaning we’ll lose about $15 billion.”
    But it gets better. Despite the overwhelming negatives, the tiny bright spot of positive June sales numbers is being heralded by Obama and the leftist press as proof the auto bailout was a “success.”

    Obama is now campaigning on the “success” of – the government buying cars from…the government’s car company. With our money.
    Americanvision says That’s like you setting up a lemonade stand for your kids. You buy them the lemons, sugar, cups and pitchers – and then buy most of the lemonade yourself.

    The pressure is on Government Motors to appear financially strong as this may be the last earnings report before November elections and sets the stage for how “successful” GM is. One of GM’s past tricks to help fudge earnings numbers has been to stuff truck inventory channels. Old habits die hard at GM. According to a Bloomberg report, “GM said inventory of its full-size pickups, which will be refreshed next year, climbed to 238,194 at the end of June, a 135 days’ supply, up from 116 days at the end of May.” 135 days’ supply is huge, the accepted norm is a 60 day supply. The trick here is that GM records revenue when vehicles go into dealership

  2. #2
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    and you know who procured those vehicles for our govt fleets..... the GSA of course. Hope they have fun at their next convention.
    "I'm gonna lean up against you, and you lean up against me. That way we don't hafta sleep with our heads in the mud"
    Forrest Gump, 1994

  3. #3
    Senior Member menmon's Avatar
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    At least they are buying American

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    Quote Originally Posted by menmon View Post
    At least they are buying American
    How not buying at all? I can't afford it!
    M&K's HR UH Tucker of Texoma JH
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    Mike Whitworth

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    Senior Member huntinman's Avatar
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    I wouldn't buy a GM product. When they became Gov't motors, we got rid of my wifes GM car and we bought her a loaded Explorer. I drive an F-150 Supercrew. I'll stick with Ford...
    Bill Davis

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    Quote Originally Posted by menmon View Post
    At least they are buying American
    How many of those do you think are actually being built in America?
    Brandon Edmondson

  7. #7
    Senior Member menmon's Avatar
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    Quote Originally Posted by Brandoned View Post
    How many of those do you think are actually being built in America?
    All of them

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    Senior Member zeus3925's Avatar
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    And my nephews are screwing them together in a GM plant in Flint!
    Zeus

    I don't want to feed an ugly dog!

  9. #9
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    Quote Originally Posted by menmon View Post
    All of them
    Now that's funny!
    Brandon Edmondson

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    I don’t know where the author of this article got his numbers, but they are incorrect. GM’s total sales for June 2012 were 248,750 vehicles. Of those, 169,019 were Retail Sales. That leaves 79,731 for Total Fleet Sales. That makes Fleet Sales 32% of Total Sales. Total Fleet Sales numbers include Commercial Fleet, Commercial Non-Fleet (Small Business Fleet), Rental, and Government Fleet.

    Government Sales include Federal, State and Local Municipality Sales. According to GM’s financial reporting, Total Government Sales were less than 5% of Total Sales for the month of June. Which means, less than 14,300 sales were to government entities. According to a GM spokesperson, the majority of government sales increases were attributed to state and local governments as opposed to the federal government.

    Now, I work for GM, so you may think I am biased. But, this is the information reported to the SEC by GM, so I am pretty certain it is accurate. All this information is also available on the internet and public filings, if the author had taken the time to look, and had been trying to be honest, he would have known Government sales (Federal or otherwise) did not account for 79% of GM’s June sales.

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