The Average Transaction Price (ATP) for new Cadillac vehicles sold in the U.S. last month remained stable, falling less than 1 percent.
According to a report from vehicle valuation and automotive research company Kelley Blue Book, Cadillac’s ATP during October of the 2021 calendar year was $81,144, falling 0.9 percent compared the Cadillac’s ATP the month prior ($81,899). However, compared to the luxury marque’s ATP in October of 2020 ($57,121), the October 2021 figure was up 42.1 percent year-over-year.
Looking at all four of GM’s brands in the U.S. (Buick, Cadillac, Chevy, GMC), The General’s ATP during October of 2021 was up 2.3 percent to $54,448, as compared to GM’s ATP in September of 2021 ($53,211). Compared to GM’s ATP in October of 2020 ($44,861), the October 2021 figure was up 21.4 percent.
Looking at the broader automotive industry, the ATP for new vehicles was up 2 percent to $46,046 as compared to the broader industry ATP for September of 2021 ($45,125). Year-over-year, the broader industry ATP was up 12.9 percent from $40,770 recorded in October of 2020.
The primary driver of the rising new vehicle ATPs this year is continuing demand amid a dramatic decrease in vehicle supply, the latter of which is the result of production cuts incurred as a result of the ongoing global microchip shortage. Customer demand has also leaned into more-expensive segments, including luxury vehicles, large SUVs, and large pickup models, while vehicle incentives are down across the board. To this latter point, Kelley Blue Book measured incentive spending at 4.3 percent of ATP in October of 2021, down from 5.6 percent of ATP in September of 2021. Both figures are down year-over-year, with 9.1 percent of ATP recorded in October of 2020.
In terms of new vehicle sales, the industry saw a slight uptick between September of 2021 and October of 2021, with total sales rising 4.1 percent to 1,056,137 units. However, sales were down 22.4 percent compared to October of 2020.
Subscribe to GM Authority for more General Motors business news, Cadillac news, and around-the-clock GM news coverage.
Comments
Probably why market share going down 📉. Price up 🔝, mkt share down .
Who cares about the sales price being stable!