Cadillac has posted a record-breaking average transaction price (ATP) for the second quarter of the 2021 calendar year, up to $67,488. The new record tops the previous record from 2019 by roughly $7,000.
According to a recent report from Cox Automotive, the boost in Cadillac ATP was driven by sales of the all-new 2021 Cadillac Escalade and Escalade ESV luxury SUVs, both of which recorded ATPs greater than $100,000 for the first time during Q2.
The ATP figure of $67,488 for Cadillac during Q2 of the 2021 calendar year is a substantial $8,894 more than the luxury brand recorded in Q1, during which the ATP for Cadillac was $58,594.
Per the Cox Automotive report, Cadillac sales grew 55 percent to 36,129 vehicles, which more or less aligns with the broader market increase. Cadillac reported sales volume of 23,296 units during Q2 of the 2020 calendar year.
“The profit-generating Escalade and Escalade ESV had triple-digit sales gains despite puny inventories throughout the quarter,” Cox Automotive reports. “So did the CT4, which had production cut during the quarter. The XT5 was Cadillac’s volume leader with 10,573 sales in the quarter, up 83 percent.”
Additionally, Cadillac cut incentive spending, as did the rest of GM’s U.S. brand lineup. Cadillac incentive spending was decreased by 22 percent, with the average incentive amounting to $6,136. During Q2 of the 2020 calendar year, Cadillac incentive spending averaged out at $7,882.
Although Cadillac’s ATP was up substantially during Q2 of 2021, General Motors has been forced to reduce production due to the ongoing global microchip shortage, impacting available inventory. That said, GM’s U.S. sales were up 40 percent during Q2, with 683,696 units sold. GM’s market share was set at 15.5 percent, a decrease compared to the 16.6 percent recorded a year prior. GMC and Buick had their highest sales numbers in the last six years for Q2.