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6.1350 USD
valeur indicative 5.8089 EUR

US82968B1035 SIRI

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    24 148 MUSD

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    20.05.22 / 15:35:45

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03 mars 201017:20

Sirius XM Auto Numbers: They’re Real, And They’re Spectacular!
Posted on March 3, 2010 Brandon Matthews13 COMMENTSBOOKMARK
Rating: 9.5/10 (36 votes cast)
By Brandon Matthews

The February 2010 auto sales results are in, and if ”old man winter” slowed auto sales down as reported, it is going to be a great year for Sirius XM Radio (Nasdaq: SIRI). Not only have light vehicle sales surpassed the record lows of last year at this time, there has been a significant sales shift in favor of Sirius XM’s most important OEM partners. As we reported previously, Sirius XM has deals with every auto manufacturer, yet there are simply some deals that are more beneficial to the company than others.

Nearly every Ford (NYSE: F), Chrysler (NYSE: FIATY) and GM vehicle purchased or leased, leaves the dealer lot with a prepaid trial subscription to Sirius XM. Key brands Hyundai and Kia boast 100% Sirius XM penetration, and both of these brands have successfully taken share from Toyota. Sirius XM’s European partners have penetration rates in the 70% range and have some of the highest conversion to subscriber rates. Some Mercedes models are now preactivated at the factory level.

The opposite is true for manufacturers such as Toyota (NYSE: TM) and other Japanese brands, as these vehicles leave the lot with little more than hope that a free trial will convert into a paying subscriber, which in many cases does occur. Penetration rates of Sirius XM’s Japanese OEM partners pale in comparison to other automakers.

The numbers break down as follows:

February sales came in just shy of 780,000, compared to 683,000 one year ago.
Year to date sales stand at roughly 1,476,633; nearly 140,000 more than the 1,337,113 reported one year ago.
A year over year comparison of auto sales to date, reveals that Sirius XM’s “preferred partners” have sold 907,537 of the 1,476,633 vehicles sold to date. This compares to just 777,340 of the 1,337,113 units sold in the first two months of 2009. The Japanese manufacturers remained flat year over year, but were still able to contribute to Sirius XM’s future


Ford= 186440
Ford= 250053
Chrysler= 146207
Chrysler= 141592
GM= 253973
GM= 288776
Hyundai= 55133
Hyundai= 64 507
Kia= 44169
Kia= 46175
Mercedes= 24632
Mercedes= 30543
BMW= 25211
BM W= 28263
VW= 25934
VW= 36135
Audi= 9375
Audi= 12726
Volvo= 6266
Volvo= 8769
Total Preferred:———–777,340

Toyota= 236825
Toyota= 198823
Honda= 142606
Hon da= 148150
Nissan= 108133
Nissan= 132761
Subaru= 25283
Subaru= 33079
Mazd a= 31821
Mazda= 32748

Big Japan 544688
Big Japan 545561
Remember General Motors? A year ago at this time, Sirius XM and GM were operating under the original XM contract which was an abysmal deal for everyone except GM. Last year, Sirius XM announced that it had renegotiated its deal with GM, which resulted in far more favorable terms to Sirius. GM filed for bankruptcy protection shortly thereafter and sales faltered. As GM continues to recover, Sirius XM will be a major beneficiary of GM’s future success. Ford and GM have combined for nearly 100,000 more vehicles sold thus far, than in the first two months of 2009.

The fun doesn’t stop there for Sirius XM. Ford has also announced production increases of nearly 600,000 vehicles in the second quarter, indicating that it intends to maintain its newly found market share. Ford has also recently launched a Certified Preowned Program and is aggressively marketing itself and Sirius XM through television commercials. In fact, nearly every CPO program that exists this year, did not exist at this time last year.

The estimated SAAR rate remains above Sirius XM’s guidance. These types of numbers, if maintained, will provide Sirius XM with not only a significant cushion in the event of a slowdown later in the year, but an opportunity to excel in the event of a significant recovery. Go ahead. You can say it….. “They ARE real…and they are SPECTACULAR!”

Position: Long SIRI

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