GM, Fiat Chrysler sales up in November, but Ford was flat

The performance, which matched analyst expectations, mirrored a tremendous month for the US auto industry.

Italian Sports vehicle maker Ferrari has entered into a syndicated loan facility with ten banks to raise €2.5bn in debt to finance its spinoff from Fiat Chrysler Automobiles (FCA).

Once again the Jeep brand lead the way, with a 20 percent sales increase. All of the brand’s models posted increases, and the company sold 7,345 units of the popular new Renegade small compact crossover. Ram truck sales were up 1 percent.

WardsAuto is calling for 1.33 million light vehicles to be delivered over November’s 23 selling days-pushing the daily selling rate to a 12.1% improvement from the month previous year. The Dodge Challenger, Dodge Journey and Ram pickup truck also posted records for the month.

The automaker said that it had agreed take a 12-month bridge loan and a five-year term loan worth €2bn in aggregate, along with a five-year revolving credit facility of €500m.

November used to be known as a slow sales month, one of the third-worst for the year, Edmunds.com says.

Ford Motor recorded a 0.3 per cent sales increase, as F-series retail sales were up 16 per cent. Edmunds was looking for a 2.6 per cent increase. FCA’s sales gains (and those of its rivals) may appear modest, but despite the small-looking gain, this was the group’s best November U.S. sales result since 2000. Jeep offered zero percent financing for up to 75 months. Chevrolet and Cadillac brand sales were up but fell at Buick and GMC.

Chrysler projected a seasonally adjusted annual rate (SAAR) of sales in the United States from all manufacturers at 18.4 million units for 2015, down from last month’s projection of 18.5 million. Truck sales rose 11 percent to 143,496 units, while auto deliveries dropped 22 percent to 32,478 units.

Dodge brand sales fell 8% on a year-over-year basis, much of that due to the discontinuation of the midsize Avenger sedan.

The upshot: FCA is clearly making the most of the ongoing SUV boom with its Jeep brand, which – despite factories that must be close to maxed out – continues to find ways to eke out sales gains. The consensus SAAR estimate calls for unit sales of 18.1 million this year. Ford President Joe Hinrichs told CNBC today that he’s expecting a November sales rate above 18 million.