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GMC Sierra, Chevy Silverado Transaction Prices Grow In Q2 2020

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.

2021 Ford 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 TRX

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.

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.

We’ll have a lot more on GM trucks soon, and invite you to subscribe (it’s free) to Chevy Silverado news, Chevrolet news, GMC Sierra news, GMC news, and ongoing GM news coverage.

GM Authority Executive Editor with a passion for business strategy and fast cars.

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Comments

  1. 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.

    Reply
  2. Unbelievable with that cra$$y interior! Are people blind?

    Reply
  3. 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.

    Reply

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