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GM program sees dealers taking on way more loaner cars

Given the volume of vehicles we're talking about, this is a significant development for GM's bottom line. Bring your car into the dealership for service, and you may need a loaner car in exchange. And with so many recalls being carried out, that means a lot of loaners – especially at General Motors dealerships. That could be one of the reasons why GM is massively expanding its loaner fleet program. While many Chevrolet and Buick-GMC dealerships have an on-site rental car location operated by a third party like Enterprise (which may or may not provide a GM vehicle), others manage their own loaner fleets. But while the range of dealerships operating such fleets was once small, reports Automotive News, the number has been growing rapidly: from the locations responsible for only 20 percent of those brands' sales two years ago to about 90 percent today. The impetus for that growth comes down to a massive expansion of GM's Courtesy Transportation Program. The initiative encourages dealers to ramp up their loaner fleet to a maximum size determined by GM, with a mix determined by the dealer itself, so that a showroom in Texas can be bolstered with a fleet of pickup trucks and a dealer in California can employ more Volt and Camaro Convertible loaners. The dealership gets a $500 credit for each vehicle its puts in its fleet, and can use those vehicles as loaners for service customers, as multi-day test drivers or to rent out separately. The vehicles remain in the dealer's fleet for 90 days or 7,500 miles, then they can be sold as used, but with new-car incentives. The dealer gets a fleet of loaners, customers get to use the loaners, try out a new car overnight or buy a barely used car with attractive incentives, and GM gets to clock more sales. But therein lies the kicker: the automaker counts the dispatch of the loaner new vehicle to the dealership as a new-car sale, which could end up distorting its sales figures. Counting loaner vehicles as sold vehicles is something of an industry-standard practice, but given the volume of vehicles we're talking about, this is a significant development for GM's bottom line. One dealership - Paddock Chevrolet in Kenmore, NY, for example - had no loaner fleet two years ago, but now runs a fleet of 50 vehicles. Multiply that by the 4,000 or so dealers GM has across America and you're talking about the potential for hundreds of thousands of these sorts of sales.

2018 Buick Regal TourX starts right around $30,000

The all-new Buick Regal is coming, and it's ditching the sedan bodystyle in favor of two liftback variants. This week, CarsDirect reported pricing on the more interesting of the two, the Regal TourX. While we're waiting on an official confirmation from Buick, at $29,995 (presumably before destination), the lifted-wagon will significantly undercut competitors from BMW, Volvo, and Audi. With standard all-wheel drive and a powerful turbocharged inline-four, the Regal TourX has the potential to steal som sales from the Europeans. CarsDirect bases its report on the latest Buick order guides. All versions of the Regal TourX come with all-wheel drive and a turbocharged 2.0-liter inline-four making 250 horsepower and 265 pound-feet of torque. The only available transmission is an eight-speed automatic. Push-button start, active-noise cancellation, and 18-inch wheels are part of the package. The Regal TourX Preferred bumps the price to $33,575. For the extra few hundred dollars, you get an auto-dimming rearview mirror, leather-wrapped steering wheel, power driver's seat, and door sill plates. There are also more colors available than on the base model. Further options include a $1,240 driver's assistance package with blind-spot monitoring, rear park assist, and cross-traffic alert, and a $1,200 panoramic moonroof. A fully loaded, top-trim Regal TourX rings in at $38,860. Direct competitors are difficult to name. The pricing is above something like the Volkswagen Golf Alltrack, but far less than the Audi A4 Allroad, Volvo V60 Cross Country, or a BMW 3 Series wagon. It ought to offer more power and refinement than a Subaru Outback, but we'll have to wait to drive it before we can make a final call. Related Video: Featured Gallery 2018 Buick Regal TourX: New York 2017 View 12 Photos News Source: CarsDirectImage Credit: AOL Buick Wagon buick regal tourx

GM raises 2023 guidance on strong sales, higher profits

General Motors beat first-quarter profit estimates and raised its full-year earnings and cash-flow guidance after vehicle demand at the start of the year surpassed expectations. Its shares rose in premarket trading. GM made $2.21 a share in adjusted profit in the first quarter, compared to a consensus forecast of $1.72 a share. Revenue rose 11% to $39.99 billion, it said Tuesday, which was more than the $39.24 billion analysts expected. The stronger results stem from rising sales in the US, even in the face of higher interest rates and inflation. GM executives said demand was strong enough to revise 2023 guidance upward, boosting profit estimates for the year by $500 million to between $11 billion and $13 billion. “We did it with strong production and inventory discipline and consistent pricing,” GM Chief Financial Officer Paul Jacobson said on a call with journalists. “All in all, weÂ’re feeling confident about 2023.” The Detroit automaker raised per-share full-year guidance to between $6.35 and $7.35, up from $6 to $7 a share, and said free cash flow would also increase by $500 million to a range of $5.5 billion to $7.5 billion.  GMÂ’s shares pared a gain of as much as 4.4% before the start of regular trading Tuesday, rising 3.5% to $35.50 as of 6:55 a.m. in New York. The stock was up 1.9% for the year as of the close on Monday.  North American Strength The automakerÂ’s sales were particularly strong in North America, where first-quarter earnings rose before interest and taxes rose to $3.6 billion. Vehicle sales rose 18% to 707,000 in the region. Jacobson said the company originally expected to sell 15 million vehicles in the US this year, slightly less than the 15.5 million annualized rate automakers foresaw in the first quarter. North American demand was enough to offset a weak performance in China, GMÂ’s second-largest market. The automaker continues to struggle in the country, where its vehicle sales fell 25% to 462,000 vehicles in the quarter. Profits from its joint ventures in the market slumped 65% to $83 million.  The market has struggled overall in the wake of Covid-19 restrictions and foreign automakers have had to overcome a growing preference for Chinese brands by competing on price, squeezing profit margins. The situation in China probably wonÂ’t significantly improve until the second half of the year, according to Jacobson. GM remains on target to sell 150,000 electric vehicles this year, the CFO said.