Another Run for the Record

The first comprehensive sales figures for Detroit's 1964 models came out last week, and they confirmed that the auto industry is off on its third big year in a row. In 1963's last quarter, when the '64s were introduced, sales rose to a record 2,059,291, and more cars were sold last month than in any other December in history. The industry last week scheduled production at 178,639 cars for the week, an 11 % rise over last year. Detroit's performance helped push the Dow-Jones industrial average to a new record of 776.55 as the stock market recorded seven consecutive daily gains before easing at week's end.

In an industry in which a 1-point rise in a company's share of the market can mean 70,000 more auto sales and an additional $150 million or so in gross revenues, the new figures also showed what kind of quarter each company had and which companies stand to benefit most from the auto boom. Though there were no revolutionary changes in Detroit's 1964 models, it was clear that new styling paid off at the expense of cars that had only modest styling changes, and that the U.S. consumer has moved even further toward larger, more expensive cars, sb GENERAL MOTORS. By selling 1,122, 050 autos in the last quarter, General Motors lifted its already commanding share of the market half a point to 54.5%. G.M. rose chiefly on the sales of its big, restyled Buicks, Pontiacs and Oldsmobiles. Also aiding G.M.'s rise were its new intermediates, the Pontiac Tempest and the Oldsmobile F-85, which were last year's compacts but have been made larger and more luxurious for 1964. Chevrolet's handsome new intermediate, the Chevelle, has quickly carved out its niche in the market, but it seems to have done so at the expense of its smaller brothers, the Chevy II and Corvair, whose sales have dropped sharply.

sbFORD. Reversing a two-year decline, Ford edged up from 26.1% to 26.4% on 543,463 autos sold. The big factors in Ford's comeback: the restyled, standard-sized Galaxie and the Comet, another '63 compact that was given longer, more flowing lines for '64. Ford's attractive new Thunderbird and roomier Continental are also selling well, but the preference for new looks and larger autos has dented sales of its little-changed intermediate Fairlane and compact Falcon.

sbCHRYSLER. Even while setting a fourth-quarter record of 263,345 autos, Chrysler managed only to maintain its 12.8% market share. It was able to hold its own chiefly because of big sales of its handsome, restyled standard Dodge and because of quick public acceptance of its completely new Imperial.

sbAMERICAN MOTORS. Though its sales (113,827) also set a company record, American Motors dropped from 6.2% to 5.5% of the market. Its problem was that, with only smaller-sized autos to sell, it missed out on the upswing in large-car sales. The company hopes to correct the situation by adding about 10 in. to the wheelbase of its '65 Ambassador line.

sbSTUDEBAKER. With its U.S. production phasing out in the fourth quarter, Studebaker sold only 16,432 cars for a minuscule .8% of the market.

The quick start of the '64s made 1963 a record sales year; including foreign imports, 7,500,000 auto sales were registered in the U.S. last year, breaking the 1955 sales record by 300,000. The auto industry's expectation for 1964: at least the third 7,000,000-car year in a row and perhaps another record year as well.

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