The full-size SUV spent an average of 10.1 days on dealer lots before finding a buyer in September, making it the seventh fastest-selling vehicle for the month. The fastest-selling vehicle was the Subaru Crosstrek, which spent an average of 7.8 days on the lot before being sold. The Chevy Corvette was second (8.6 days) followed by the Subaru Forester (9.5 days), Toyota Sienna (9.6 days), Toyota RAV4 (9.8 days) and Toyota Highlander Hybrid (10.1 days).
The Cadillac Escalade was also one of the top 20 fastest-selling vehicles in August of this year, taking an average of 10.7 days to sell after arriving at the dealership. As we pointed out previously, this is an impressive statistic for the luxury SUV, as it is much more expensive than other fast-selling vehicles like the Crosstrek, Forester, Sienna and RAV4. The average selling price of a Cadillac Escalade last month was $99,266, making it the most expensive entrant among the top 20 fastest-selling vehicles in September.
iSeeCars executive analyst Karl Brauer says the popularity of the Cadillac Escalade is being driven by strong consumer response to the redesigned model, which was introduced for the 2021 model year.
“The Escalade was redesigned for 2021 to make the premium SUV even more luxurious and technologically advanced, helping it dominate the full-size SUV segment,” said Brauer. “Additionally, the popular vehicle consistently sells over MSRP and grew in sales by 123 percent in Q3 2021 over the previous year.”
The global chip shortage continues to have an impact on the automotive market, with high demand and low inventory driving up average transaction prices industry-wide. According to Brauer, many consumers have now accepted the fact the chip shortage is here to stay for at least several more months and are thus warming up to higher asking prices at the dealer.
“The microchip shortage is showing no sign of resolution as major automakers continue to halt production, leading to lower and sometimes scarce inventory levels,” Brauer added. “Car buyers are willing to pay over MSRP for new cars and highly-elevated used car prices because they have embraced the reality that inventory shortages are here to stay for the next several months.”