For the past several years, Costco Wholesale Corp. (NASDAQ: COST) has teamed up with General Motors Co. (NYSE: GM) to offer Costco club members special pricing on new GM vehicles during the fourth quarter of the year. Costco announced Tuesday that interest in the program is up 55% year over year.
This offer began on October 3 and runs through January 2. In addition to GM Supplier Pricing and most currently available GM incentives, Costco members who purchase or lease an eligible vehicle and fill out a survey form will receive a Costco Cash Card. Executive members receive a cash card valued at $700 while Gold Star and Business members get a card valued at $300.
Vehicles available this year include 2017 and 2018 Chevrolet, Buick, GMC and Cadillac cars and light trucks. The lineup includes Costco member best-sellers such as the Chevrolet Silverado, Buick Encore, GMC Acadia and Cadillac XT5. Three commercial vehicles — the Chevrolet City Express, Chevrolet Express and GMC Savana — are new to the exclusive Costco member offer this year.
A Costco executive said:
We’re happy to see that the exclusive savings and vehicle selection offered through the Holiday Sales Event resonates with Costco members. It’s not surprising that the Chevrolet Silverado is the vehicle most requested by Costco members for personal and commercial use.
According to Costco, the Silverado pickup is the most requested model by the company’s members, with nearly 12% of all requests, followed by more than 9% of requests for the GM’s near-twin of the Silverado, the GMC Sierra. The Chevy Equinox is sought by nearly 7% of Costco members, while nearly 6% are looking at the Chevy Traverse and Chevy’s all-electric Bolt.
Costco stock closed down about 0.3% on Tuesday, at $188.30 a share in a 52-week range of $150.00 to $191.22. The stock’s 12-month consensus price target is $185.21.