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Sirius XM Auto Numbers: Theyre Real, And Theyre 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 XMs 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 XMs 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 XMs 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 XMs 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 XMs future
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 GMs 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 doesnt 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 XMs 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!
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