February showed a decline in vehicle sales from the domestic manufacturers. The big three all had large drops in sales compared to February 2017, but there were some small victories despite the slump, according to research from Fortune.
Car Sales Down for The Big Three
The big three domestic automakers are General Motors, Ford, and Fiat Chrysler. With European companies making the push for more luxurious, high-tech vehicles, and inroads still being made by Japanese manufacturers, these brands have had their fair share of automotive market struggles early in 2018.
One of the biggest factors to a drop in sales is that buyers, specifically millennials, in the US are moving to crossovers, SUVs, and pickups according to NPR. This makes the average new transaction price in the automotive industry $36,270, which is a four percent increase over last year. While the big three are producing some of the top larger vehicles, the prices can turn buyers away. Despite this drop in sales, they’re still staying competitive and have shown to have some positive outcomes in February.
- General Motors – Down 6.9 percent from February 2017, GM reported 220,905 vehicle sales in February 2018. On the plus side, GM’s luxury brand, Cadillac, had a 14 percent bump in sales, with the XT5, ATS, and Escalade some of the top sellers this past month.
- Ford Motor Co. – Also down 6.9 percent from February 2017, Ford reported 194,132 vehicle sales in the same month this year. Compared to January, sales were off almost 17 percent in the month of February. The good news is that Ford’s best-selling lineup of trucks are still doing well, showing an increase of 1.2 percent this year compared to February 2017.
- Fiat Chrysler Automotive – Last but not least, FCA performed the best out of the big three domestic manufacturers. With a one percent decrease in sales compared to February 2017, overall, FCA sales have remained steady in the market. FCA’s top brand, Jeep, was their best performer. In February 2018, Jeep sales increased by 12 percent year over year, with the Renegade (up 17 percent) and Wrangler (up four percent) leading the pack.
The Bottom Line
Many car buyers are still dedicated to buying and driving American-made vehicles, and with domestic car sales down, we could see an increase in incentives, which are already high at the moment. With multiple varieties of models from the big three, it can be difficult to pick the best one. If you’re in the market for a newer American-made car, but worry your credit is holding you back, let Auto Credit Express take the lead.
We work with an extensive network of special finance dealers that have the lending resources available for people who are struggling with credit. There’s no obligation or cost for our service. Just fill out our auto loan request form to get started today.