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.”