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GM posts $4 billion third-quarter profit thanks to trucks and SUVs

DETROIT — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak. GM's adjusted earnings were $2.83 per share, easily outpacing Wall Street's per-share projections of $1.43, according to a survey by FactSet. Revenue of $35.5 billion also edged out most expectations. Shares jumped almost 6% before the opening bell Thursday. The company swung back from a $806 million loss in the second quarter, when it was restarting factories shuttered for safety during the early stages of the pandemic. The Detroit automaker joined most global automakers in reporting better-than-expected earnings from July through September as sales across the globe started to rebound from coronavirus lockdowns, especially in China. GM sales in China jumped 12% in the third quarter, with sales of its Buick and Cadillac brands both rising more than 25%. In the U.S., GMÂ’s most profitable market, sales fell 9.9% in the third quarter compared with a year ago, but were a dramatic improvement over the 34% drop in the second quarter. Sales improved sequentially each month, the automaker said, an encouraging trend. GMÂ’s profit was boosted by higher-priced pickup trucks and large SUVs, which have seen strong sales in the U.S. through the pandemic. It was the best quarter on record for GM's Chevrolet Blazer. Sales of the Cadillac XT6 spiked 45% in the U.S. over last year. Large pickups also sold well. GM also said it was pumping $2 billion into its Spring Hill, Tennessee manufacturing plant to push its transition to produce electric vehicles. Last week, crosstown rivals Fiat Chrysler and Ford reported strong third-quarter net income. FCA said it made $1.4 billion for the period, while Ford earned $2.39 billion. Related Video: Earnings/Financials Buick Cadillac Chevrolet GM GMC

March Madness upsets good for auto advertisers

There are no Cinderella teams left in the NCAA men's basketball tournament - the fairytales ended with Georgia State's loss to Xavier over the weekend. And even though the Sweet 16 is composed of elite teams - at the time of writing the lowest-ranked squad is 11th-seeded UCLA, which has most championships of any school in the country - there are still underdogs and surprises, and they are good for NCAA business and advertisers. Last year the March Madness Live app, which allows users to watch games on the go, was downloaded 4.5 million times, a jump of more than 40 percent over 2013. Buick sponsors the iOS version of the app, but more than a million of those downloads were for the Android version, sponsored by Infiniti since 2011. Part of Buick's engagement is a "Boss Button" on the livestream sites that can quickly mask the page with something your boss won't question you over. It also sponsors a trick-shot competition for fans, has a display in Bracket Town during the Final Four, and its cars lead the team buses through the city. Infiniti said last year's tourney increased online searches for the brand by 25 percent in March, and things are going even better this year: it's round-by-round bracket game drew 477,859 total entries in 2014, this year's game has signed up 534,350 already and the tournament has another two weeks to go. The luxury brand is all over the event, promoting the QX60 through to the Final Four, then moving its efforts to the Q50. It sponsors the Coaches vs. Cancer charity and will have an Infiniti Lounge near the Final Four venue in downtown Indianapolis. So for the two automakers keeping their own scores... come on, Wichita State! Six brackets, six chances to win a trip to #FinalFour 2016. Official rules at http://t.co/4b9GyGJ4wP. #RoundByRound https://t.co/ZCsFatVlja - Infiniti USA (@InfinitiUSA) March 19, 2015 News Source: Automotive News - sub. req. Marketing/Advertising Buick Infiniti app sports ncaa march madness

Nearly half of Buick dealers choose buyout over investing to sell EVs

In 2022, General Motors gave Buick dealers across the nation a simple choice: invest a significant amount of money to prepare for EVs or opt for a buyout. Over a year later, the brand has reportedly lost nearly half of its dealerships as it prepares to roll out its first electric cars. Trade journal Automotive News reported that the number of Buick dealers in the United States dropped by about 47% during 2023. At the beginning of the year, the network included 1,958 stores; fast-forward to December and that figure stands at approximately 1,000. More dealers could throw in the towel in the coming weeks, as the publication adds that the buyout program remains open and will continue. Dollar figures haven't been released, so we don't know precisely how much money a dealer who opts out can claim from General Motors or how much money a dealer needs to spend to stick with the brand. However, the latter figure falls somewhere between $300,000 and $400,000, Automotive News learned. Dealers notably need to invest in equipment (such as charging stations) and training. Buick doesn't seem fazed by the exodus. "I'm really pleased with where we are. The network, where we are now, is a good size. It's with dealers who are focused on the business, who've shown that they can recover the volume that the dealers who transitioned away were doing," company boss Duncan Aldred said. According to Automotive News, the dealers who chose to stop selling Buick models accounted for about 20% of the brand's sales in the United States. Buick told the publication that around 89% of the American population still lives within 25 miles of one of its dealerships. General Motors extended the same offer to Cadillac dealerships in 2020, and about 150 stores allegedly chose to leave. For context, the dealer network consisted of 880 locations in the United States before executives floated the buyout offer. The dealers who left received between $300,000 to $500,000, the report adds, while preparing to sell electric cars would have set them back by around $200,000. Related video: