GM posts its first quarterly profit in 3 years Detroit automaker says it earned
$865 million from January through March
Courtesy of Associated Press
DETROIT – General Motors Co. rode expense cuts from its bankruptcy and strong sales of redesigned models to its first quarterly net income in nearly three years, drawing the company closer to a stock offering that would repay at least part of its government aid.
The $865 million first-quarter profit is a dramatic reversal from the huge $6 billion loss in the same period last year. The last time the company made a quarterly profit was the second quarter of 2007, when it earned $891 million.
The Detroit automaker said it made money because debt and other expenses were slashed by its stay in bankruptcy court, and because of strong new-model sales. It also generated higher revenue from growth in Asia and South America.
The earnings of $1.66 per share from January through March are stunningly different from the first quarter of last year, when the largest U.S. automaker lost $9.78 per share as it skidded into bankruptcy protection.
First-quarter revenue soared 40 percent to $31.5 billion.
Read the entire story here.
APRIL MAKES IT FOUR: Sales have advanced every month this year
» Nissan leads the Big 7: It outpaces the major players with a 35% sales jump.
» Trucks make a comeback: Their share of U.S. vehicle market climbs in April.
» GM has a good retail story: Excluding fleet, Chevrolet, Cadillac, GMC and Buick sales grew 33 percent last month.
Nissan, Ford, Chrysler lead U.S. industry to 20% April gain
APRIL U.S. AUTO SALES / Staff and wire reports / Automotive News — May 3, 2010 @ 3:07 p.m. ET
DETROIT — Nissan Motor Co., Ford Motor Co., and Chrysler Group led the U.S. industry to a 20 percent sales gain in April as demand continued to recover from last year’s collapse.
Overall sales rose to 982,302 from 819,692 a year earlier. The seasonally adjusted annual sales rate was 11.5 million, the second strongest of the year behind March’s 11.7 million.
Ford said its retail sales rose 32 percent en route to a 25 percent overall gain, its fifth straight month of 20 percent or more. Toyota climbed sharply for the second straight month, again aided by no-interest loans and discount leases aimed at combating its recall crisis. Chrysler’s 25 percent jump marked its first double-digit increase in almost five years. Nissan Motor was up 35 percent, and the Hyundai Group advanced 24 percent.
Numbers in this table are calculated by Automotive News based on actual monthly sales reported by the manufacturers and may differ from numbers reported elsewhere.
Source: Automotive News Data Center
Note: Other includes estimates for Aston Martin, Ferrari, Lamborghini and Lotus
*Includes Mini and Rolls-Royce
**Includes Maybach, Mercedes-Benz and Smart
***Includes Volvo
****Includes Saab through February 2010
†Includes Honda Division and Acura
††Includes Hyundai and Kia
†††Includes Nissan Division and Infiniti
‡The sale of Saab was final on February 23, 2010
‡‡Includes Toyota Division, Lexus and Scion
‡‡‡Includes VW, Audi and Bentley
Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100503/RETAIL01/100509987/1400#ixzz0mtocbuca
2010 Dealership Website Awards
And the April Award for
Outstanding Dealership Website
goes to…
Pat McGrath Chevyland!
Pat McGrath Chevyland is the winner of April’s Outstanding Dealership Website. The dealership has spring boarded into social media by utilizing blogs, facebook and youtube in the context of their site. They utilize live chat, customer reviews, current tv spots and the cartoon character ”Mr. Big Volume” to expand the brand set by their traditional advertising. A special congratulations to Pat McGrath Chevyland!
Ford posts $2.1 billion quarterly profit
DETROIT — Ford Motor Co. posted net income of $2.1 billion in the first quarter, almost twice the figure projected by analysts, fueled by a 37 percent rise in U.S. sales.
The profit compared with a loss of $1.4 billion a year earlier. Revenue rose to $28.1 billion from $24.4 billion. The automaker said it will boost second-quarter production.
The results prompted Ford to advance its forecast for becoming “solidly profitable” to this year instead of 2011.
“Our plan is working, and the basic engine that drives our business results — products, market share, revenue, and cost structure — is performing stronger each quarter, even as the economy and vehicle demand remain relatively soft,” CEO Alan Mulally said in a statement.
By Jamie LaReau, Automotive News — April 27, 2010 – 7:50 a.m. ET
Social Media Managers Are Becoming Full Time Positions in Some Dealerships
The name says it all. Most dealerships have managers in all departments, but the newest ones that are starting to pop up in stores across America are Social Media Managers. Yes, you read that correctly – stores are now hiring people to come into their dealership on a daily basis and update their Facebook, Twitter, You Tube and numerous other accounts that keep them in the forefront of their customers’ digital dashboard.
Some quick facts on this person:
- Usually younger, mid 30’s or under
- No automotive experience needed (great if they had it but you want a technical person, not a car guy)
- Needs to be paid as an hourly or salaried employee
- Needs a “set in stone” job description, complete with daily tasks
- Must be able to take over all Facebook, Twitter, You Tube and LinkedIn accounts and manage them well
- Must be treated similar to any other manager – otherwise any initiatives they have in gathering information or “finding friends” will be a futile effort
- Needs to be allowed a minimal budget $1000 to $1500 a month to post Facebook ads or dabble with inexpensive ways to increase your online impressions
Several dealerships that STRONG, LLC works with have recently hired and set into place a Social Media Manager. Many more are considering doing so. It is a way to bridge the gap in your dealership of having retail, sales-minded staff with those who are on the very edge of the latest trends to attract followers.
For more information on a Social Media Manager – please contact John Paul Strong.
Happy Birthday, “Mr. President” (a.k.a. John Paul)
We had a little fun yesterday on JP’s birthday…. “Marilyn Monroe” stopped by with a birthday tune for him! LOL!!!
You’ll have to turn up the volume to hear her over the laughter of our staff 
