GMC Sierra, Chevy Silverado Transaction Prices Grow In Q2 2020
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The GMC Sierra and Chevy Silverado pickups saw strong demand during the second quarter of 2020. Despite tight inventories brought about by the COVID-19 pandemic that resulted in an 11.6 percent decline in cumulative sales volume, the two full-size GM trucks saw a combined 176,256 deliveries in Q2 2020, representing a 34.68 percent share of the full-size truck market – an increase of 4 percentage points over Q2 2019. Some might conclude that the very healthy gains were driven by large discounts and incentives, but that would be incorrect.
Full-Size Pickup Truck Sales - Q2 2020 - USA
| MODEL | Q2 20 / Q2 19 | Q2 20 | Q2 19 | Q2 20 SHARE | Q2 19 SHARE | YTD 20 / YTD 19 | YTD 20 | YTD 19 |
|---|---|---|---|---|---|---|---|---|
| FORD F-SERIES | -22.65% | 180,825 | 233,787 | 36% | 36% | -18.07% | 367,387 | 448,398 |
| CHEVROLET SILVERADO | -14.06% | 122,432 | 142,464 | 24% | 22% | +4.05% | 267,166 | 256,777 |
| RAM RAM PICKUP | -34.55% | 117,448 | 179,454 | 23% | 28% | -17.77% | 246,253 | 299,480 |
| GMC SIERRA | -5.33% | 53,824 | 56,857 | 11% | 9% | +9.68% | 106,833 | 97,403 |
| TOYOTA TUNDRA | -7.40% | 27,222 | 29,397 | 5% | 5% | -10.31% | 48,880 | 54,497 |
| NISSAN TITAN | -22.52% | 6,464 | 8,343 | 1% | 1% | -32.34% | 12,196 | 18,026 |
| TOTAL | -21.85% | 508,215 | 650,302 | -10.72% | 1,048,715 | 1,174,581 |
In its second quarter earnings report, GM stated that “solid demand [for the Chevy Silverado and GMC Sierra] translated to stronger average transaction pricing and lower incentives.” In fact, GM full-size pickup average transaction prices (ATPs) increased $1,526 versus the first quarter of 2020, based on J.D. Power data.
Ford Motor Company’s F-Series remained the best-selling full-size pickup truck line, outselling the Chevy Silverado and GMC Sierra combined by 4,569 units for a 36 percent segment share. The Ford truck is getting an overhaul for the 2021 model year.
- See more about the 2021 F-150
2021 Ford F-150
Third place went to FCA, whose Ram pickup accounted for 117,448 deliveries, for a 23 percent segment share – a decrease of 5 percentage points compared to the second quarter of 2019. The 2021 model year will deliver the high-performance Ram 1500 TRX variant with a HEMI engine from the Dodge Hellcat lineup making 702 horsepower.
2021 Ram 1500 TRX
Fourth and fifth place were brought up by the Toyota Tundra and Nissan Titan, respectively. Interestingly, both Japanese full-size trucks retained their segment share in Q2 2020 from the year-ago quarter.
2022 GMC Sierra refresh undergoing testing in August 2020.
Both the half-ton Chevy Silverado and GMC Sierra are set for refreshes for the 2022 model year that will deliver revised front and rear ends and – more importantly – new interiors, along with several other new features and updates.
- See more on the 2022 Chevy Silverado and 2022 GMC Sierra
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Of course the transaction prices grew in the second quarter because offered very deep discounts in the first quarter. GM might as well had been giving them away in the first quarter. Even the media confronted Mary Barra about the deep discounts GM offered on the trucks in the first quarter.
Unbelievable with that cra$$y interior! Are people blind?
Because dealers are only stocking high option LT 1500s, or with 2500s LTZs and up.
Beyond the fugly looks of 2019+ GM full size, if you want to know why Ram is fighting for/taking the lead for #2, look at your local dealer site. Lots of Tradesman level trucks in stock (with relatively good options for the trim).
Brand loyalty only goes so far when you start talking about $6,000+ differences in price and a controversial look added to the mix.