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Executives

Jim Cain – Senior Manager, Sales and Executive Communications, General Motors

Kurt McNeil – VP, Sales Operations, US

Mustafa Mohatarem – Chief Economist

Don Johnson – VP, Chevrolet Sales and Service

Brian Sweeney – VP, Buick GMC

Ed Peper – VP, Fleet and Commercial Sales

Analysts

Adam Jonas – Morgan Stanley

John Murphy – Bank of America Merrill Lynch

Rod Lache – Deutsche Bank

Colin Langan – UBS Securities

Brian Sponheimer – Gabelli & Company

Todd Lassa – Automobile Magazine

Dee-Ann Durbin – The Associated Press

Tim Higgins – Bloomberg News

Melissa Burden – Detroit News

Michael Wayland – MLive

David Zoia – WardsAuto

Ted Reed – TheStreet

General Motors Company (GM) Q2 2013 Sales Conference Call August 1, 2013 11:00 AM ET

Operator

Ladies and gentlemen thank you for standing by. Welcome to the General Motors Company July 2013 U.S. Sales Conference Call. During the presentation all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. (Operator Instructions). As a reminder this conference is being recorded Thursday, August 1, 2013.

I would now like to turn the conference over to Jim Cain, General Motors, Communications. Please go ahead.

Jim Cain

Good morning everybody and thank you for joining our July sales conference call. I will be following the same format we always do every month. We’ll begin with some remarks from Kurt McNeil, our U.S. Vice President of Sales Operations and then we’ll open up for Q&A and we’ll go for about 45 minutes or so. I would remind everybody that our discussion today is covered by a forward-looking disclosure statement which you can read in our press release which hopefully you all have in possession it’s available on gm.com on the investor page and in our media relations website.

With that said, Kurt the floor is yours.

Kurt McNeil

Thank you, Jim. Good morning everyone and thank you for joining us. Today General Motors is announcing July sales of 234,071 vehicles in the United States that’s up 23% at retail and 16% in total versus a year ago. As we walk through our overall results you’ll see that GM’s performance was very well balanced. That’s true whether you dig into key segments or breakout individual brands and name plates.

For example both passenger and truck sales were up sharply year-over-year. We’re talking about a 24% increase for cars and a 16% increase for pickup vans and large SUVs combined; crossover sales grew by about 6%. In addition all four of our brands posted double-digit year-over-year sales increases.

Finally, vehicles like the Chevrolet Cruze, GMC Terrain, Chevrolet Equinox continue to set sales record. The Cruze and Terrain has their best July sales ever and the Equinox had its best July retail sales ever. Importantly this is happening at the same time that new name plates like the Chevrolet Spark, the Buick Encore and the Cadillac ATS are being discovered by GM and importantly non-GM customers. Spark and Encore had their best month since their launch.

The combination is helping us grow a little faster than the industry even as we reposition vehicles like the Chevrolet Impala and the Cadillac CTS and temporarily exit some segments like midsize pickups. When all are said and done this month we expect our total market share to be in the mid 17% range, which is up close to a half a point from a year ago.

Our retail market share should be up about one full point in the 16% range. This keeps us on track to increase our share for the calendar year. For the month Chevrolet passenger cars made a huge contribution to our retail share with sales increasing 25%, thanks to higher Spark, Cruze, Malibu, Impala Camaro deliveries. Our sedans were very bright spots.

Cruze retail sales were up 24%, Malibu retail was up 31% and Impala retail was up 77%. Impala also gave the entire GM team a shot in the arm when we learn that the cars now consumer reports highest rated sedan with scores comparable to vehicles costing as much as $20,000 more.

Robust demand for pickups has been another big part of the GM story, so let’s dig a little deeper into those details. The start total sales of GM full-size pickups were up 44% from a year ago with about 85% of our sales coming from 2013 models that’s per our plan.

Retail deliveries were up even more; sales were 51% higher versus a year ago. This includes a 107% increase in full-size pickup deliveries to our small business customers and that drove a 61% increase in small business sales.

These great results help drive the full-size pickup segment share of the retail industry to about 11.8%. That’s up slightly from June and up about 1.4 points from last July, which was before the housing recovery really got into hide here.

Our ATPs for the GMT900 models have been stable month-to-month and our GMT900 stock levels are also in great shape with about a 140,000 units in dealer inventory that’s about a 68 days’ supply.

All of this is a long way of saying that we are exactly on track with the transition plan that we’ve outlined for you on past calls. So, how are we doing with the new truck? Dan Akerson stated on our second quarter earnings call, things are going well so far.

In July we delivered close to 9,000 2014 light-duty crew cabs, these are the higher end trucks with four full-size doors, a few days to go we began shipping the double cab models which have four smaller doors and later this summer we’ll begin shipping the regular cab models.

As we bring in new body styles and new powertrain configurations to the market including our class leading V6 will find our natural level in terms of transaction prices. We’re not going to share our ATP performance at this early stage on the launch, suffice it to say that we expect to earn higher ATPs over time through a combination of strong mix, higher option take rates and lower incentives.

As we look down the road, even more new products are coming to all four brands and they will be launching into a healthy market. The light vehicles are now stands in the 15.4 million range for the year which is near the high-end of our 15 million to 15.5 million unit outlook.

With the strength we’re seeing in the household wealth, consumer settlement, housing and manufacturing we think there is definitely more room to grow this year. Exactly how much upside there is will depend on factors like the job market and interest rates. We’ll obviously have to wait and see, but we’re optimistic.

With that said, it’s now time for the Q&A portion of the call. Joining us our Global President for Chevrolet, Alan Batey; Don Johnson, Vice President of Chevrolet Sales and Service; Brian Sweeney, Vice President of Buick GMC, Sales and Service; Ed Peper, Vice President of Fleet and Commercial Sales; and our Chief Economist, Mustafa Mohatarem.

Okay let’s take some question. Operator?

Question-and-Answer Session

Operator

Thank you. (Operator Instructions). Our first question comes from the line of Adam Jonas with Morgan Stanley. Please go ahead.

Adam Jonas – Morgan Stanley

Hey everybody. Just first question on inventories, curious if you can comment, as the inventory level in the – the end of July in line with your expectations or is that tighter than you expected?

Kurt McNeil

Adam I might say it’s in line with our expectations 638,000 units 68 days’ supply, we were 70 days’ supply in June, I think in July we were in a pretty good place.

Adam Jonas – Morgan Stanley

Cool, second off-lease vehicle volume can you comment on how much your dealers are seeing return to them year-on-year?

Kurt McNeil

A lot of our business going back to our trouble days we were not doing any leasing, lot of hat ramps up in the fall here, October, November, December.

Adam Jonas – Morgan Stanley

So you’re not quite seeing a big ramp yet, maybe trickling in, but the bigger inflexion is in the third quarter into the fourth-quarter?

Kurt McNeil

Correct.

Adam Jonas – Morgan Stanley

Great, that’s consistent with what we’re hearing. And just I take it that really no sign of any Japanese aggression in the quarter on a competitive side or is it if you look really hard do you find anything or is it really just business as usual. And that’s my last question, thanks.

Kurt McNeil

Yeah, Adam obviously we continue to watch that, you look at their incentive spend, their spend for all three of the major Asian manufacturers was up month over month. So it’s an indication that they’re leaning in a little bit.

Adam Jonas – Morgan Stanley

Good color. Appreciate it. Thank you.

Operator

Our next question comes from the line of John Murphy with Bank of America Merrill Lynch. Please proceed with your question.

John Murphy – Bank of America Merrill Lynch

Good morning, guys. Just a first point of clarification, Kurt. I think I understood you in saying that you’re 15 to 15.5 star forecast would actually be exceeded. So, would it be fair to say, and I’m not trying to put words in your mouth, but would it be fair to say you’re increasing your outlook to 15.5 million units plus without a bracket on the high end?

Mustafa Mohatarem

Hi, this is Mustafa. The market conditions were pretty strong right now. So, we’re very comfortable with where we are. And obviously, as Kurt mentioned, it looks like sales are coming in at the high-end of our range.

John Murphy – Bank of America Merrill Lynch

Okay. Then just a second question, large pickups up well better than 40% this month, seems like that’s probably a little bit better than you planned I mean that is a big number. I’m just curious what you’re seeing on pricing on the outgoing truck that’s different than past change overs because it sounds like obviously with relatively tight inventory there and good demand the pricing should be better. I’m just trying to understand what the stepping off point is for the new truck that might be better than the past?

Kurt McNeil

Yeah, it’s our ATPs are up John. We feel really good about where we are, we would continue to say that we are very much on our plan which we’ve been talking about for I think 20 months now. So, we feel like we’re in a very good place. We’re not dwelling on ATP data particularly on the new truck because they’re all crew cabs, heavily contented, and that’s the way we intended to launch that vehicle. So, but we feel like we’re very much on plan in a good place.

John Murphy – Bank of America Merrill Lynch

You’re sure you’re not better than planned because it seems like it’s working out pretty well here.

Kurt McNeil

I like better than planned, sure.

John Murphy – Bank of America Merrill Lynch

Okay. And then just lastly, the mid-car segment has been very competitive, there is a lot of entrants there. The Malibu is doing okay in the competition. Just curious what you’re seeing on pricing in that mid-car segment that the Malibu competes in, which is pretty heavily contested right now.

Don Johnson

Yeah, it’s Don Johnson from Chevrolet. You’re right, it is very competitive we actually are seeing a lot of the competitors is often happen to start to – really start to converge on ATPs and the $23,000 dollar range, we’re right in there I think as we launch into the 2014, Malibu will be in the mix.

John Murphy – Bank of America Merrill Lynch

Okay great. Thank you very much.

Kurt McNeil

Thanks, John.

Operator

Our next question comes from the line of Rod Lache with Deutsche Bank. Please proceed with your question.

Rod Lache – Deutsche Bank

Good morning, everybody. A couple things, can you just give us some color on what your incentive spending did year-over-year and sequentially?

Kurt McNeil

Sure. We would – we’d call it relatively flat Rod I mean if you look at the percent of ATP we were 11% in June and we’re according to Penn we’re 11% in July. So, it’s pretty flat.

Rod Lache – Deutsche Bank

Okay. And just another data point which would be helpful, do you happen to have the breakdown of your pickup truck inventory between the heavy-duty and light-duty trucks at this point?

Kurt McNeil

I don’t have in front of me, Rod.

Rod Lache – Deutsche Bank

Okay.

Kurt McNeil

We’ll back to you on that.

Rod Lache – Deutsche Bank

Are you still on production on the light-duty pickup for the GMT-900 platform at this point or is it – is that all shifted over to K2XX?

Kurt McNeil

We – it’s all K2XX at this point.

Rod Lache – Deutsche Bank

Okay. And then just lastly, you typically want to see something like 90 days of inventory on these pickups and obviously it’s running a bit below. And normal you get this seasonal uptick for the entire pickup truck market in the back half versus the first half. Is did the level of inventory that you see available in the market something you think might constrain that normal seasonal progression and if you are constrained, how do you feel consumers kind of react to that? Do they kind of defer and wait until availability improves or is that something that potentially could accrue to somebody else?

Kurt McNeil

When you look at what’s going on in the pickup truck market right now, the fundamentals are very, very strong. And really the inventory reduction that you observe was been driven by the improving sales picture for the trucks. And I think you also have to understand that we’re moving towards the end of the cycle on our trucks so you’re not going to have as much variety sitting on the showroom. So, all of that suggest that the inventory levels are just like for the outgoing trucks.

Rod Lache – Deutsche Bank

Right. But you will have some constraints in terms of your ability to produce and normally there’s a seasonal uptick in the back half of the year, I’m just curious if that’s something that you feel would constrain normal seasonality or do you get normal seasonality but maybe your market share is affected a bit?

Kurt McNeil

This has been a sort of a different sort of the year in the sense that because the market has been in doldrums for so long it came back pretty strong. So, we’re expecting that sales will remain in the high 11 range.

Rod Lache – Deutsche Bank

Okay. All right. Thank you.

Kurt McNeil

Thanks Rod.

Operator

(Operator Instructions). Our next question comes from the line of Colin Langan with UBS. Please proceed with your question.

Colin Langan – UBS Securities

Great, thanks for taking my question. Overall, I guess just simply put, what do you think is driving the improvement in the pickups, the out performance relative to your peers this month I mean were your comparisons last year a bit easier or is there a pricing dynamic changing in the industry that helped?

Kurt McNeil

Well, it’s some of what Mustafa got it, Colin I mean you had a lot of pent-up demand, obviously housing is doing well, energy sector is doing well. We’re seeing small businesses come back into the marketplace. So, that’s all fuel the opportunity but and that’s somewhat unique and that’s why I think Mustafa referred to is it isn’t necessarily a prototypical normal year.

Colin Langan – UBS Securities

One thing, I guess I was getting at your out performance relative to your peers in the segment seem to be much stronger. Any color on what may be is driving some of that?

Don Johnson

Yeah, I mean from a – it’s Don Johnson from Chevrolet. I know from a Chevrolet standpoint, when you’ve got a model that’s at the end of its lifecycle you got a brand new one, you really attracting a broad range of customers into your showroom and we’re just seeing very good traffic. Some customers coming and saying hey maybe I can get a better deal and the old one I’m sure there is a lot of customers coming in right now being driven in by our great new pickup truck. So, I think we’ll probably just get a lot more traffic that our competitors in the last month or so. The sales guy in me Colin wants to say great truck and great marketing.

Colin Langan – UBS Securities

Okay. And how about the Cruze, I think that was up 70%. So what are the big drivers there? That seems to be a very strong number.

Don Johnson

Well I think if you look at – well it’s Don again. When you look at Cruze sales performance really since its introduction Cruze continue to grow with the market, we’ve gained some share I mean it’s just a tremendous product that more and more people are starting to become aware. It’s well priced in the segment although I have to say it’s still is holding one of the highest ATPs in the segment. So, simply put I think it’s more people start to really recognize the value of that vehicle, they’re starting to buy it.

Colin Langan – UBS Securities

And what was it up on a retail basis year over year?

Don Johnson

Yeah, Cruze around retail was up 24%.

Colin Langan – UBS Securities

Okay. And just one last question. Any color on the rental mix in a month there overall?

Kurt McNeil

Yeah, the rental, Colin, its Kurt. The rental mix was 13.1%.

Colin Langan – UBS Securities

Jim, what about last year?

Jim Cain

Sure, do, it was 12.3%.

Colin Langan – UBS Securities

Okay, all right. Thank you very much.

Jim Cain

Thanks, Colin.

Operator

Our final analyst question comes from the line of Brian Sponheimer with Gabelli & Company. Please proceed with your question.

Brian Sponheimer – Gabelli & Company

Hi, good morning. Thank you for taking my call. Just a question about Cadillac. ATS sales 2,900 in the month, where is that I guess relative to plan given some of the outstanding press that it has gotten and is there any inventory constraint there that is holding those sales back as far as what you can see?

Kurt McNeil

Well Brian I’ll take that, its Kurt. We feel pretty good about the months for Cadillac. It wasn’t a strong industry, luxury industry month; however it was our best retail and total sales for Cadillac since July of 2007. And specific to ATS obviously it’s a big part of that. I wouldn’t say that our inventories are constrained; I think we’re in a pretty good place. And if you look at stores to sales 57% of ATS sales are coming from either a non-GM product or they didn’t trade in a product. So we feel pretty good about ATS business.

Brian Sponheimer – Gabelli & Company

And as far as the legacy outgoing CTS, where do you stand as far as the sell down there versus the ramp in what September or October?

Kurt McNeil

Yeah we are to your point we’ve got an exciting all new CTS coming here in the fall and so we’re really just in the midst of selling down the old CTS and so we had a pretty good CTS month and we’ll continue to focus on that here going forward here in the next couple of months.

Brian Sponheimer – Gabelli & Company

Al right. Thank you. Congrats on a great month.

Kurt McNeil

Thank you, Brian.

Operator

Ladies and gentlemen, this concludes the analyst portion of the Q&A session. We will now proceed with the media portion. (Operator Instructions) Our first question comes from the line of Todd Lassa with Automobile Magazine. Please proceed with your question.

Todd Lassa – Automobile Magazine

Thanks. Good morning. Can you clarify the split between the old pickups and new pickups you said I think 9,000 deliveries at both the GMC and Chevrolet last month out of I think a total of 58,000 combined. Can you break that down for us, how many new Silverado’s, how many new GMC Sierra’s?

Kurt McNeil

We sold a little over 60,000 trucks Todd and the new pickups were roughly 15% of our business.

Todd Lassa – Automobile Magazine

Okay, roughly 15% of business. And could you also clarify Chevy Cruze sales with retail up 24% and total Cruze sales up about 70%. Did you have an unusually high number of fleet deliveries on that car last month, can you – was it higher than 22%, 25%?

Kurt McNeil

Yeah, it was a little bit higher than the normal but our year-to-date is just over 20% fleet so that’s right in line with what we expect for the year.

Todd Lassa – Automobile Magazine

Okay. That’s going to end up being your bestselling Sedan at Chevrolet this year won’t it or do you expect Malibu to catch it?

Kurt McNeil

It could well be but I’d like to keep both the Malibu team and the Cruze team site throughout at the end of the year.

Todd Lassa – Automobile Magazine

Al right. Thank you.

Unidentified Company Speaker

Thanks, Todd.

Operator

Our next question comes from the line of Dee-Ann Durbin with The Associated Press. Please proceed with your question.

Dee-Ann Durbin – The Associated Press

Thanks for taking the call. I want to look a little bit about the features and options that buyers are opting for throughput and get low interest rates right now, good long terms and it seems like in some cases are filing that back in the future because we’ve just seen ATPs so strong this year. Can you give one or two examples of maybe a feature take-rate that’s been higher than expected or a trim level breakdown that will strength that or not if that’s not the case?

Unidentified Company Speaker

Dee-Ann I’m looking at the guys here, I don’t know…

Brian Sweeney

I mean Dee-Ann its Brian Sweeney with Buick-GMC I mean you look over on the GMC side, Denali like in the Terrain was up around 11%, Acadia Denali is running at 32% so that’s up we’ve been anywhere from that 25% to its high as what we are now 32% run. So that’s been good. As we move out of LaCrosse into the new car we’ve seen some of our ultra looks mix running very well. GS we’re running almost 18% at Regal GS, so those are all good things.

Dee-Ann Durbin – The Associated Press

Okay. So you think that, that is a factor that, that’s going on that people are adding more because they can get a good deal I mean is that what you’ve heard from dealers or…

Brian Sweeney

I mean they see good value in our leasing, in our APR and our go-to market offers have been very compelling.

Unidentified Company Speaker

Especially Dee-Ann when we launched these great new products we’ve been very disciplined on fleet, rental et cetera. We’re seeing tremendous residual values…

Dee-Ann Durbin – The Associated Press

Okay.

Unidentified Company Speaker

And those residual values allow you to potentially afford more value and offer more value in the marketplace. So it all makes sense yes.

Dee-Ann Durbin – The Associated Press

Thanks a lot.

Unidentified Company Speaker

Thank you, Dee-Ann.

Operator

Our next question comes from the line of Tim Higgins with Bloomberg News. Please proceed with your question.

Tim Higgins – Bloomberg News

Good afternoon gentlemen. Thanks for having me on, I was appreciated, hoping that you can give me the mix on Impala for fleet retail and also maybe the mix on the new design versus the old design?

Don Johnson

Yeah it’s Don Johnson from Chevrolet. The mix on Impala fleet to retail since we launched its been about 60% retail as you’ve heard were moving the new one to a target of 70% retail and 30% fleet. So we’re certainly on our way to that. The good news is we’ve also had some good demand from fleet and it’s a good opportunity to get that vehicle out and get some demonstration of the great new look and the great new interior to a broader group of customers.

Tim Higgins – Bloomberg News

So you stand at 60% in July was retail or..

Don Johnson

June and July together because that’s really since we’ve launched it so I think it’s better to look at the full 60 day period.

Tim Higgins – Bloomberg News

Okay. And talk to me a little bit about the new versus the old in July I mean how much of that…

Don Johnson

Yeah it was about the total, it was about 60% to 65% of the new and the remainder of the old.

Tim Higgins – Bloomberg News

Okay. And what is the consumer report, how does that help the Impala and the consumer mind and also what is it due for the Chevy brand and I guess this is not to taper to the high score?

Don Johnson

Yeah I think clearly it’s fantastic for the Impala I mean it’s got the attention of a lot of consumers across the country who may never have considered the Impala but I think your point Tim even more importantly the benefit for the Chevrolet brand because it really does demonstrate the resurgence of our vehicle quality and our design not just from what we say but in the minds of a very, very credible third-party. So it was all very good news.

Tim Higgins – Bloomberg News

Okay. Thanks a lot. I appreciate it.

Unidentified Company Speaker

Yeah.

Operator

Our next question comes from the line of Melissa Burden with Detroit News. Please proceed with your question.

Melissa Burden – Detroit News

Hi, I don’t know if you could give the overall fleet percentage for the month?

Unidentified Company Speaker

Yeah Melissa it was 19.2%.

Melissa Burden – Detroit News

Okay. What was it last year for July?

Unidentified Company Speaker

Last July it was 23.7%.

Melissa Burden – Detroit News

Okay, all right. And wondering is there going on this year versus last year why you saw a drop in fleet more on the flipside the increase in retail?

Unidentified Company Speaker

Thank you.

Ed Peper

Yeah Melissa this is Ed Peper. There is a couple of things. First of all and I think this has certainly impacted our competitors as well. The federal government sales were down about 90% from a year ago and also some of our large commercial sales customers in terms of vans delayed their orders and that along with the fact we missed the Colorado and Canyon from a year ago in terms of a comparison. So, if you look at our shares, shares actually up because the fleet industry didn’t perform nearly as well as retail. Our shares up over about 2.5 points over our calendar year-to-date share at this point. But I would say federal government sales and some customers just waited a little bit and we’re anticipating getting these orders going forward.

Melissa Burden – Detroit News

Okay. And then I was wondering if you could provide a day supply on the Cruze? Thank you.

Don Johnson

Yes. It’s Don Johnson. Just let me dig that out for you. Cruze day supply is 50 right now, right around 50.

Melissa Burden – Detroit News

50 okay. Thank you.

Don Johnson

Thanks, Melissa.

Operator

And our next question comes from the line of Michael Wayland with MLive. Please proceed with your question.

Michael Wayland – MLive

Thanks for taking the call. (inaudible). I’m just wondering for the Cruze, how many of those models were actually diesel version. Do you guys have an updated total for how many units you sold of that so far?

Don Johnson

Yes Don again from Chevrolet about 350 of them were diesels and that brings us to about 500 just under 600 total diesel delivery so far since its introduction.

Michael Wayland – MLive

Okay. And when are those going to be rolled out nationwide instead of just the 13 I believe diesel markets that you guys said?

Don Johnson

Yeah we’re in the process now of rolling it out so it should be across the country next month.

Michael Wayland – MLive

All right. Thank you very much.

Don Johnson

Thanks, Michael.

Operator

Our next question comes from the line of David Zoia with WardsAuto. Please proceed with your question.

David Zoia – WardsAuto

Hi that was basically my question. But can you tell us anything about the customer for that at this point who are you seeing come in for the Cruze diesel and are they, are people coming in for the diesel and buying a gas model or learning can you say about that?

Unidentified Company Speaker

Yeah actually its little bit of the opposite. We’re seeing really three types of customers coming in right now. The first type of the customer, whose coming in just looking for very fuel efficient Chevrolet and they not aware of the Cruze diesel at all. They see the window label 46 miles per gallons. They drive it. They are impressed maybe it’s changed their opinion of diesels and they drive out in a Cruze diesel so that’s sort of one kind of customer.

The other kind of customer either through diesel in tender, who maybe bought a Volkswagen in the past coming in they understand the technology. They are interested at Chevrolet has a diesel and a passenger car and they are favorably impressed and then they drive off.

And I would say that third type of customer probably not as higher volume yet but certainly one of the customers somebody who has got one of our pickup trucks in diesel and understand diesel technology but maybe hasn’t had a Chevy car in their driveway only Chevy truck and so they are attracted to it because they know about diesel and they know about the Chevy brand.

Don Johnson

Okay. Thanks so much, David.

Operator

Our final question comes from the line of Ted Reed with TheStreet. Please proceed with your question.

Ted Reed – TheStreet

Thank you for taking the call. Your competitor seems to have about inventory shortages and you have got some half year growth why don’t you have any inventory shortages?

Kurt McNeil

Well I’m not going to offer a whole lot of opinion on our competitors and their opinions for their performance. However we feel pretty good about where we’re at a 68-day supply. We do have the typical industry plant shutdowns that we have gone through here, which we knew was going to happen and we planned accordingly. So, we feel pretty good as we look across the portfolio of where we’re and we’ll continue to work hard at matching supply with demand. But right now, we feel like we’re in a pretty good place.

Ted Reed – TheStreet

Well just looking at the Cruze for instance with (so tight) sales, one would think you might have gotten ahead of where you thought you are going to be but I see that the inventory in Cruze is still pretty good for instance?

Don Johnson

Yeah it’s Don from Chevrolet. As Kurt said, as we see increased sales, we’re looking forward make sure that we match supply with demand.

Ted Reed – TheStreet

All right. Thank you.

Don Johnson

Thank you, Ted.

Operator

It seems there are no further questions at this time. I would now like to turn the call back to you. Please continue with your presentation or closing remarks.

Jim Cain

Hi, thank you very much everybody for joining us today. If you have any new questions, I’ll be in the office all afternoon available by phone, e-mail. We look forward to talking to you. Thank you.

Operator

Ladies and gentlemen, this does conclude the conference for today. We thank you for your participation and ask that you please disconnect your lines.

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