Auto Sales Hit Big Numbers In June, GM Officials Still Selling Stock
Although auto sales jumped last month for some of the country's largest auto manufacturers, including General Motors Co. (NYSE:GM), company officials from GM are still selling hundreds of thousands of dollars in company stock.
According to the Los Angeles Times, General Motors sold 248,750 vehicles in June, marking a 16 percent jump compared with the same period in 2011 and the highest monthly increase for the company since September 2008.
"Across the board, June was a strong month for GM," said Kurt McNeil, vice president of U.S. Sales Operations. "The combination of new products, available credit, lower fuel prices and modest economic growth was a stronger influence on consumer behavior than economic and political uncertainty."
Altogether, automakers in the U.S. said the annual rate of sales last month came in at 14 million vehicles, the highest number in years, according to the media outlet.
But despite these years-high car sales, officials at GM have still continued to sell stock, according to insider trading reports. In the last three months, company insiders have sold $186,900 in shares, which were valued between $21.72 and $22.07 each.
Why do you think company officials are still selling despite a jump in sales?
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