The average transaction price of a new GMC vehicle continued to rise in October, hitting an all-time high of $63,000 through the end of the month.
Per a recent analysis from vehicle valuation and automotive research company Kelley Blue Book, the ATP for the GMC brand was recorded at $63,506 for the month of October, 2021, rising 6.1 percent from $61,566 a month prior. The ATP of $61,557 for the month of October represents a rise of 15.2 percent year-over-year as compared to an ATP of $55,133 in September of 2020.
October marked the seventh straight month that new vehicle ATPs rose, KBB reports, hitting yet another all-time high of $46,036. This represents a 12.9 percent (or $5,266) gain from one year ago in October 2020 and a two percent gain (or $910) from September 2021.
KBB said new vehicle prices remained “elevated overall,” in October as inventory shortages tied to the semiconductor chip shortage continued to compound with high demand to reduce incentive spending industry-wide. The publication also said price gains in October were “especially driven by higher luxury sales and a richer mix of large SUVs and pickup trucks,” which are exactly the kind of vehicles that the premium GMC truck brand sells the most of.
“While the average transaction price jumped to a new record high, the average incentive package fell to a 20-year low,” said KBB analyst Kayla Reynolds. “To score a new vehicle, buyers are accepting no-haggle pricing, with significant market adjustments in some instances. It is absolutely a seller’s market right now.”
GMC’s rising average transaction prices are likely driven by continued high demand for its larger, costlier nameplates, such as the GMC Sierra 1500, GMC Sierra HD, GMC Yukon and GMC Yukon XL. The automaker’s Denali trim level also continues to produce profits for the automaker, driving up ATPs with high MSRPs that often surpass many luxury nameplates.