General Motors reported today that its iconic luxury car brand is enjoying a bit of a comeback.
So far this year Cadillac sales have increased 38 percent, the biggest such jump since 1976. "Cadillac is back," Vice president of Global Cadillac Bob Ferguson said in a statement this morning.
GM says the ATS sports sedan has been instrumental in the sales surge.
GM has been making new efforts to push its luxury brand. For instance the car was recently featured on the cover of Bergdorf Goodman magazine.
"Cadillac is growing faster than it has in almost 40 years, the pickup rebound is in full swing and we're seeing strong retail demand for our crossovers" said Kurt McNeil, GM's vice president of U.S. sales operations, in a statement. "These are all powerful signs that the gradual recovery in the economy is becoming more broad-based. That's great news for the auto industry and General Motors."
Cadillac still has a ways to go though to reclaim its glory days. Sales in 1976 were 135,258 compared with 63,000 Cadillac sales so far this year. Overall, GM sold 2.59 million cars last year-compared with 5 million in 1999.
For all its different brands combined, GM says May was its best sales month since September 2008.
Car sales much like housing have been showing a strong rebound in the otherwise slow economic recovery.