The headlines blaring from General Motors public relations machine claim victory for the company in its fight for solvency.
Declaring that “May Retail Sales Rise 9 Percent on Demand for Fuel-Efficient Vehicles” one would guess that gaffe prone GM CEO Daniel Akerson (Akerson urged that gas prices go up by $1 a gallon) was doing a great job of restoring the company toward profitability.
However, one report seems to represent a Vincent Price-sized fly in the GM ointment. Dealer inventory of new cars at the end of June topped 605,000 vehicles, a 20% increase since January 2011. In fact, in the past year the number of new cars sitting on dealer lots has increased by 167,000 vehicles as the government overseen and owned entity continues to crank cars off the assembly lines onto already stuffed to capacity car lots.
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