The average transaction price (ATP) for new cars is on the rise, and that includes General Motors’ brands in North America. Now, the average transaction price for GMC has crossed the $60,000 mark, breaking the figure just last month.
Per a recent analysis from vehicle valuation and automotive research company Kelley Blue Book, the ATP for the GMC brand was recorded at $61,557 for the month of September, 2021, rising 6.1 percent as compared to an ATP of $58,042 a month prior. The ATP of $61,557 for the month of September, 2021 represents a rise of 13.6 percent year-over-year as compared to an ATP of $54,182 in September of 2020.
More broadly speaking, all four of General Motors’ North American brands (Buick, Cadillac, Chevrolet, GMC) recorded an ATP of $53,241 during the month of September, 2021, a rise of 7.4 percent as compared to the ATP recorded for all four brands in August of 2021 ($49,564). Combined, all four GM brands recorded a year-over-year increase of 21.6 percent as compared to an ATP of $43,792 in September of 2020.
New vehicle prices across the U.S. saw an average increase last month, with an industry-wide ATP of $45,031, a new record. September of 2021 also recorded the sixth straight month of of rising ATPs in the U.S. market, increasing 3.7 percent ($1,613) as compared to August of 2021, and 12.1 percent ($4,872) year-over-year.
Notably, the increasing vehicle prices coincide with markedly slowing vehicle sales numbers, with September marking the fifth straight month of falling new vehicle sales. Total sales in September were measured at 1,012,797 units, a decrease of 7.3 percent compared to August of 2021, and one of the lowest sales volumes figures of the last 10 years.
According to Cox Automotive analyst Kayla Reynolds, the increase in new vehicle ATP is down to the segments, with an increase in sales for luxury vehicles, midsize SUVs, and full-size pickups, and a decrease in sales for compact and midsize sedans. Limited inventory stemming from the ongoing global microchip shortage has also driven the price surge.
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Comments
This article is a joke! Most dealerships across the country including the one that I work for in Northern Colorado have a severe lack of inventory with GMC Acadia and Terrain models. The average transaction price wouldn’t be as high as it is if we could actually sell all of our GMC model lines and not be hampered by the chip shortage.
gm said their focus was to build only the most profitable vehicles and that means the high-dollar SUVs. Add to that most L and LS models have been dropped in favor of moving transaction prices higher. ($$$ profits)
Actually this is not too out of line. Most GMC dealers are already at a high ATP.
My local dealer has been a single GMC only brand dealer and their average prices have been around $65K for a good wile as they move a lot of full size trucks and Large Yukon’s. GM wanted them to take a local Buick Franchise but they did not want it. They lost Pontiac and actually have done better as truck only.
They are between a farm area and upscale suburban area so they move a lot of one tons and SUV models.
Right now they are getting in a lot of low mile used vehicles from GM. They are moving them as used models but at very high prices.