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GMC Average Transaction Price Reaches $58K In August

New-vehicle average transaction prices (ATPs) are on the rise, including for GMC, which reached an ATP of $58,010 in August.

According to an analysis from Kelley Blue Book, ATPs for GMC increased 1.9 percent between July of 2021 and August of 2021, rising from $56,915 to $58,0101. The ATP percentage rise was even higher for GMC between August of 2020 and August of 2021, increasing 9.4 percent when compared to ATP figures of $53,016 last year.

The ATP for GMC beat the industry average for the month of August, 2021, with the latter set at $43,355. The industry ATP rose 1.6 percent between July of 2021 and August of 2021, with the former set at $42,670. The industry ATP was also up 9.6 percent year over year, rising from $39,571 recorded in August of 2020.

Notably, the ATP for all four General Motors brands in the U.S. (Buick, Cadillac, Chevy, GMC) was up just 0.3 percent between July of 2021 and August of 2021, rising from $49,343 to $49,468. However, the percentage change year over year beat the industry average, rising 13.1 percent from $43,749 to $49,468.

Notably, Cadillac ATPs reached $74,000 in August of 2021, as GM Authority covered previously.

Per the Kelley Blue Book analysis, the industry average of $43,355 in August of 2021 marks the fifth straight record-setting month for new-vehicle ATPs. However, the all-time-high prices also coincide with a fourth straight month of slowing sales, as customers face limited inventory, historically low incentives, and high prices. The total vehicle sales in August hit just 1,092,302, marking one of the lowest monthly vehicle sales in a decade, and the lowest volume since April of 2020 at the outset of the COVID-19 pandemic in the U.S.

“The automotive industry is still reeling from the extraordinary circumstances of the last year and a half, setting new records seemingly left and right,” said analyst for Cox Automotive, Kayla Reynolds. “With the ongoing inventory challenges that auto manufacturers are facing across the board, coupled with historically low incentive spending, car shoppers end up being the ones paying the price, quite literally. New-car prices just continue to climb, month after month.”

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Jonathan is an automotive journalist based out of Southern California. He loves anything and everything on four wheels.

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Comments

  1. GMC, especially with Hummer sub brand, & Buick are on track as a distribution channel or hyper-brand to best monthly Kia sales.
    Next gen Arcadia and Terrain will be very important in positioning GMC as a Jeep rival and a uniquely skinned Yukon aimed at Wagoneer would be a good move.

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  2. The GMC line has been doing well to start with in many locations.

    One dealer near by is a stand alone GMC dealer. I asked how could they do that and the person I know told me the ATP for a number of years has been over $64,000.

    He said they were moving more Denali full size and Yukon’s than most dealers in the region.

    GM even tried to get them to take on a Buick and they refused.

    They are in an area between an upper middle class town and a farm region.

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  3. Wow – this is unbelievable. It’s hard to fathom people being able to afford these prices, especially in today’s COVID financial uncertainty affecting a lot of people. I know that folks are holding on to vehicles longer and spreading out loans to now 7 or 8 years (I can still remember when I bought my first vehicle – some 35 years ago – the norm was 3 maybe 4 years). This nearly $60 g price tag is a bit insane to me. It’s more than what I paid for my house 30 years ago.

    Reply
    1. The Covid uncertainty is not what the media makes it.

      Anyone who wants to work can work. Note their are labor shortages.

      Also there are many people not spending money on trips and many other things they normally spend on. The business I am in has had two record years due to people having much more disposable income.

      Spending habits have changes and most people have come out ahead. The government really did not have to give everyone checks but then again with the over taxing they should give some back.

      We are now looking at inflation that no one appears to be doing anything about so we could face some real trouble in the near future. We have a failing pitcher on the mound and no one in the bull pen for 3 plus more years.

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  4. Who is surprised by this?

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  5. This is a testament to the greediness of car dealers. Lower inventories means they screw the buyer (simple supply and demand). This is especially true for folks whose leases came due in the past year and the only option they have is to either buy at the excessively (and intentionally) high buyout price or take on a new over priced vehicle – or to go elsewhere. Add to this, that many dealers are not even honoring the employee/supplier discounts (at least at many places I have checked), and you’ll have a lot of dealers that are going to lose repeat customers. At least in my case…

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    1. Car Dealers can be the best argument for the dealer-less model of Tesla. If Tesla were more aggressive in training and licensing 3rd party repair centers, they would have a better model for consumers. It’s mostly about allowing diagnostic software to propagate nowadays.

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    2. You can purchase your lease for the residual value. This amount is agreed upon at the beginning of the lease when you sign your contract. You have every right to purchase the vehicle directly from the leasing company for that amount, bypassing the dealer. Were you aware of that?

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    3. No potential customer is compelled to buy. When one grabs you out of your car, shoves a pistol barrel up your left nostril and screams “BUY!” in your ear, you’ll have a case.

      I want to get something in either 4WD or AWD for my particular needs. But, I refuse to be [intercoursed) by the local dealers, and have time to wait. Most people CANB wait if they get the “want” for something new out of their systems.

      If they are replacing a wreck, or a car that just won’t stand one more repair, yes: they need to buy. But, their insurance company can help in the case of the former, and virtually all credit unions and quite a few banks offer buying services, as does the Auto Club, and Costco. You may not get the deal you got when the lots were overflowing with stock, but you are far less likely to be taken by these services.

      Reply

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