GM Revenue Breakdown: New and Used Cars Sales, Services, and More

GM Sierra HD Denali. Source: GMC Webpage

This article delves into an in-depth analysis of General Motors’ revenue breakdown, categorized by various sources such as new vehicle sales, used vehicle sales, services revenue, leased vehicle income, and finance charge income.

Let’s get started!

You may find key statistic of General Motors on these pages:

Sales & Market Share

• Worldwide sales and market share,
• Sales by country: U.S., China, Brazil, U.K., etc.,
• Sales by region: America, Asia, MEA, and Europe,
• Market share by region: America, Asia, and Europe,
• Market share by country: U.S., China, Brazil, U.K., etc.,

Wholesale

• Global wholesale and wholesale by segment: North America and International,

U.S. Sales & Market Share

• Sales of truck, car, and SUV,
• Market share of truck, car, and crossover,

Revenue

• Revenue segments: new and used vehicle sales, services, and more,
• GM revenue by segment: GMNA, GMI, GM Financial, and Cruise,

Profit Margin

• Profit margin breakdown: automotive, Cruise, and GM Financial

Debt & Cash

• Financial health: total debt, payment due, and credit rating,
• Cash reserves and cash flow analysis

GM China Statistics

• GM China: vehicle sales, revenue, profitability, and market share

Other Statistics

• GM vs Tesla: vehicle profit and margin analysis,
• GM vs Tesla: R&D budget,
• Inventory levels, inventory days and turnover ratio,
• Share buyback history,

Please use the table of contents to navigate this page.

Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Used Vehicle Sales: Used vehicle sales is the process of automotive companies selling pre-owned vehicles. These vehicles are typically those that have been previously owned, leased, or used as demonstration vehicles.

The sales can occur through various channels, including:

• Dealerships: Authorized dealerships often have a dedicated section for used vehicles, where they sell certified pre-owned cars that have been inspected and refurbished to meet certain standards.
• Online Platforms: Many automotive companies have embraced digital marketplaces, allowing consumers to browse and purchase used vehicles online. This includes both company-operated platforms and third-party websites.
• Auctions: Used vehicles may also be sold through auctions, where dealers and individuals can bid on vehicles. These auctions can be physical or online.
• Trade-Ins: Customers often trade in their old vehicles when purchasing new ones, and these traded-in vehicles are then sold as used cars by the dealership.
• Fleet Sales: Companies that manage large fleets of vehicles (e.g., rental car companies) often sell their used vehicles after a certain period of usage.

The used vehicle market is an essential part of the automotive industry, providing more affordable options for consumers and helping companies manage their inventory and resources efficiently.

The revenue generated from used vehicle sales can also contribute to a company’s financial health, although it typically represents a smaller portion compared to new vehicle sales.

Leased Vehicle Income: GM’s leased vehicle income refers to the revenue generated from leasing vehicles to customers.

When a company leases a vehicle, it enters into an agreement where the customer (lessee) pays periodic lease payments to the company (lessor) in exchange for the use of the vehicle for a specified period. The lessor retains ownership of the vehicle throughout the lease term.

From an accounting perspective, leased vehicles are considered long-term assets and have specific rules for their recording and reporting. The lease payments received by the company are recognized as income over the lease term. This income can include both the principal portion of the lease payments and any interest or finance charges associated with the lease.

Leased Vehicle Income is an important revenue stream for automotive companies such as General Motors, as it provides a steady and predictable cash flow. It also allows companies to offer flexible vehicle options to customers without requiring them to make a large upfront purchase.

Finance Charge Income: GM’s finance charge income comes primarily from GM Financial. It refers to the revenue generated from the interest and fees charged to customers for borrowing money or using credit. This income is a crucial component of a financial institution’s earnings and can come from various sources.

One primary source of finance charge income is the interest charges applied to loans, credit cards, and other credit products. These interest rates are calculated as a percentage of the outstanding balance and can vary based on the type of loan and the borrower’s creditworthiness. The interest income is fundamental to the financial institution’s revenue stream as it compensates them for the risk of lending money.

In addition to interest charges, financial institutions may collect origination fees. These are one-time fees charged at the beginning of a loan or credit agreement. Origination fees cover the costs associated with processing the loan application and setting up the account, contributing further to the institution’s income.

Furthermore, transaction fees contribute to finance charge income. These fees are charged for specific types of transactions, such as balance transfers, cash advances, or international purchases. They can be fixed amounts or calculated as a percentage of the transaction value.

Overall, finance charge income is essential for financial institution such as GM Financial as it provides a steady stream of revenue and compensates them for the risk of lending money. Understanding these charges helps borrowers make informed financial decisions and manage their credit effectively.

Back To Table Of Contents

Insight & Summary of GM’s Revenue Breakdown By Source

The following analysis consolidates the trends observed across GM’s revenue breakdown by source for the 2018–2025 period.

• Consolidated Revenue: Growth Cycle Peaking, Then Modest Decline. GM’s total net sales and revenue grew from $147.0B in 2018 to a peak of $187.4B in 2024, before declining slightly to $185.0B in 2025 (-1.3%). The 3-year average of $181.4B and average growth of 5.8% reflect a mature but still expanding revenue base. The sharp recovery from 2020’s trough ($122.5B) to 2022’s $156.7B (+23.4%) was driven by pricing power and favorable vehicle mix in a supply-constrained market — a tailwind that has now normalized. The 2025 modest decline signals that the volume and pricing environment has become more challenging, particularly as incentives return and competition intensifies.

• Automotive vs. GM Financial: Structural Stability with a Growing Financial Contribution. Automotive revenue has dominated consistently at approximately 90–92% of total revenue throughout the period, with the 3-year average at 91.4%. GM Financial has contributed a stable 8–11% share (3-year average 8.6%), but its growth trajectory has been meaningfully stronger than the automotive segment: GM Financial’s 3-year average growth of 10.1% versus Automotive’s 5.4% reflects the compounding of a larger finance receivables book and rising interest rates that have expanded Finance Charge Income. This growing contribution from the captive finance business is an important and often underappreciated diversifier within GM’s revenue profile.

• Automotive Revenue: Overwhelmingly Vehicle and Parts, With Declining Used Vehicle Exposure. Vehicle, Parts and Accessories (VPA) constitutes 95.6–96.3% of automotive revenue throughout the period, with a 3-year average of 96.0% and an absolute average of $159.1B. Used vehicle revenue peaked at $3.4B in 2018 during the early period of used car price inflation, then collapsed to $516–594M in 2021–2022 as GM restructured its used vehicle operations, recovering partially to $1.7B in 2025. Services and Other has grown steadily from $4.5B to $5.7B, representing a modest but consistent expansion of recurring, software and services revenue — likely OnStar and connected services — with a 3-year average of $5.3B. This growth in services revenue, while still small as a percentage (~3%), is directionally consistent with GM’s software and services strategy and worth monitoring as a long-term margin contributor.

• GM Financial Revenue: A Structural Mix Shift from Leasing to Finance Charges. The most significant compositional change within GM Financial is the dramatic shift from Leased Vehicle Income toward Finance Charge Income. Leased Vehicle Income peaked at $10.0B in 2018–2019 and has since declined to $7.3–7.8B, compressing from 71.1% of GM Financial revenue to 45.8% by 2025. This reflects a deliberate reduction in GM’s lease penetration and the normalization of used car residual values after the 2021–2022 spike. Simultaneously, Finance Charge Income has surged from $3.6B in 2018 to $8.2B in 2025 — more than doubling — driven by the combination of higher interest rates and a larger consumer and dealer loan portfolio. Finance Charge Income now constitutes 47.9% of GM Financial revenue (2025), nearly equal to leasing, compared to just 25.9% in 2018. Other Income (fees, insurance, GAP products) has also grown steadily from $420M to $1.1B, reaching 6.3% of GM Financial revenue in 2025.

• Structural Takeaway: GM’s revenue decomposition reveals two parallel stories. The automotive business is highly concentrated in vehicle sales (96% of segment revenue) with modest but growing services revenue — making it a classic manufacturing business with limited natural revenue diversification. GM Financial, by contrast, is undergoing a meaningful internal recomposition away from residual-value-sensitive leasing toward interest-rate-sensitive financing — a shift that benefits from the current rate environment but introduces different risks if rates fall or credit quality deteriorates. For investors, the most strategically important trend to monitor is whether Services and Other revenue in the automotive segment can continue to grow as a percentage of the mix, as this is the primary path toward the higher-margin, recurring revenue profile that software-centric investors prize.

The table below combines all key revenue numbers, mix, and growth metrics into a single view for the latest three fiscal years.

Back To Table Of Contents

Total Net Sales & Revenue and Growth

Back To Table Of Contents

Automotive & GM Financial

Back To Table Of Contents

Sales of Vehicles, Parts and Accessories, Used Vehicles, Services & Other, Total Automotive – Revenue Numbers

The graph above provides a more refined view of GM’s revenue from sales of new vehicles and used vehicles and services, showcasing significant trends over the past eight years. A definition of used car sales is provided here: used car sales.

Back To Table Of Contents

Sales of Vehicles, Parts and Accessories, Used Vehicles, Services & Other, Total Automotive – Revenue Mix

The graph above provides a more refined view of GM’s revenue from sales of new vehicles and used vehicles and services, showcasing significant trends over the past eight years. A definition of used car sales is provided here: used car sales.

Back To Table Of Contents

Leased Vehicle Income, Finance Charge Income, Other Income, Total GM Financial – Revenue Numbers

The definitions of GM Financial’s revenue streams are available here: leased vehicle income and finance charge income.

Back To Table Of Contents

Leased Vehicle Income, Finance Charge Income, Other Income, Total GM Financial – Revenue Mix

The definitions of GM Financial’s revenue streams are available here: leased vehicle income and finance charge income.

Back To Table Of Contents

References and Credits

1. All financial figures presented were obtained and referenced from GM’s annual reports publihsed on the company’s investor relations page: General Motors Investor Relations.

2. GMC Sierra HD Denali image is used under a Creative Commons license and sourced from the following websites: GMC Sierra.

Back To Table Of Contents

Disclosure

We may use the assistance of artificial intelligence (AI) tools to produce some of the text in this article. However, the data is directly obtained from original sources (usually the quarterly and annual reports) and meticulously cross-checked by our editors multiple times to ensure its accuracy and reliability.

If you find the information in this article helpful, please consider sharing it on social media. Additionally, providing a link back to this article from any website can help us create more content like this in the future.

Thank you for your support and engagement! Your involvement helps us continue to provide high-quality, reliable content.

Back To Table Of Contents