- SRX gains 6 share points, climbs to No. 2 in mid-lux crossover market
- CTS sales increase as Coupe attracts new customers
- Escalade dominates large luxury SUVs with more than one-third of segment
Cadillac gained more than 1.6 points of share in 2010 in the U.S. luxury market, the greatest increase of any brand in that segment, as sales rose for SRX, CTS and Escalade.
Cadillac capitalized on a strengthening luxury market with new products and customer care programs. The overall U.S. luxury market grew 13 percent in 2010 to 1.4 million vehicles.
Cadillac outpaced the competition in 2010 with a 35 percent increase in U.S. total sales to 146,925. Cadillac accomplished this while reducing incentives and increasing the average transaction price per vehicle.
Cadillac launched a dramatically redesigned SRX and a new CTS Sport Wagon for the 2010 model year. The CTS Coupe joined the line-up in the second half of the year as a 2011 model. For all 2011 models, Cadillac added Premium Care Maintenance, covering many frequently needed maintenance services for the first four years or 50,000 miles.
“Cadillac has been able to gain share while also strengthening the brand, a must for long-term success in the luxury market,” said Kurt McNeil, vice president of Cadillac Sales and Service. “Our positive momentum started with great new vehicles, but it also was carried forward with programs that provide Cadillac owners a higher level of service. Cadillac expects the customer experience to be further enhanced with many of our dealers planning significant upgrades to their sales and service facilities.”
Cadillac recorded double-digit percentage gains in the key markets of New York, Los Angeles, Dallas, Chicago and Miami. Classic Cadillac in Atlanta had a sales increase of 118 percent in 2010 thanks to a reenergized product line-up, said Mike Domenicone, the dealership’s owner.
SRX and CTS are getting the attention of luxury buyers in Atlanta that Cadillac previously had a difficult time attracting, Domenicone said. The high-performance V-Series model of the CTS is drawing trade-ins from the BMW M-Series, he said.
“It’s been amazing to see the number of conquest customers coming through the front door of our dealership,” Domenicone said. “Our used dealer lot is now filled with BMW, Mercedes and Lexus. We’ve never seen that before.”
SRX Climbs Crossover Ranks: SRX has made an astounding run in the midsize luxury crossover segment. In the past year, the SRX advanced four places to No. 2, behind only the Lexus RX350. The SRX gained more than 6 points of market share in 2010 while the RX350 gave up share in this growing segment.
CTS Coupe Attracts New Customers: Based on preliminary data, the CTS Coupe appears to be attracting new, younger customers to the brand. About 40 percent of CTS Coupe buyers are trading in a non-GM vehicle.CTS Coupe also is resonating with sports car enthusiasts. Almost 20 percent of CTS Coupe buyers are opting for the high-performance V-Series model. In just its fifth full month of sales, CTS Coupe ranks No. 2 in its segment and is pressing the BMW 3-Series Coupe for leadership.
Escalade Remains King of Luxury SUVs: Escalade remained the clear leader in its class, accounting for 34 percent of the large luxury SUV segment in 2010. Large SUVs faced challenges early in the year with the United States in recession, but buyers returned in the second half of 2010. Escalade sales rose 4 percent for the year and 16 percent in December.
Cadillac Leasing Appeals to Luxury Buyers: Cadillac is successfully growing its leasing business, a financing option sought by many buyers in the luxury market. Cadillac’s retail sales in December consisted of 38 percent leasing up from about 20 percent in December 2009. Leasing accounts for about half of all retail sales for many major luxury brands.