BMW had the best month among luxury automakers in terms of pure sales figures, but the real surprise was Cadillac, which was able to leapfrog both Lexus and Mercedes-Benz for the second-highest total in February.

Cadillac sold nearly 16,000 cars in February as its sales rose 70 percent from February 2010. BMW was still able to outsell the brand buy about 700 cars, with an 8.7 year-on-year increase. Mercedes came in third for the month with a 4 percent increase, while Lexus' sales remained even and kept it in fourth.

Although the massive sales spike was certainly welcome news for the Detroit automaker, analysts are hesitating before jumping on the General Motors bandwagon.

"GM offered aggressive incentives to employees and friends in February," Jesse Toprak of TrueCar told Bloomberg. "That helped GM and clearly helped Cadillac." Cadillac's incentives in February averaged out to nearly $5,000 per vehicle.

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