The Average Transaction Price (ATP) for new GMC vehicles was up eight percent in January of 2022, as compared to the new-vehicle ATP recorded for January of 2021.
Per a recent report from Kelley Blue Book, the ATP for new GMC vehicles in January of this year was $58,899, an increase of 8.1 percent compared to the ATP of $54,489 recorded in January of 2021. Interestingly, the ATP for January of 2022 was down 4.2 percent as compared to the GMC new-vehicle ATP recorded for December of 2021, which was $61,509.
As for GM specifically, the cumulative ATP for all four GM U.S. brands (Chevrolet, Buick, Cadillac, and GMC) increased 20 percent between January of 2021 and January of 2022, up to $52,206 from $44,668. Month to month, the ATPs for all four U.S. GM brands decreased slightly between December of 2021 and January of 2022, down from $53,436 in December.
Notably, ATPs for new Chevy vehicle sales were up 17 percent year-over-year, as GM Authority reported previously.
As for the broader U.S. auto industry, ATPs were up year-over-year last month, recorded at $46,404 in January of 2022, as compared to an ATP of $41,248 recorded in January of 2021. Month-to-month, ATPs for the broader auto industry were down 1.8 percent from an ATP of $47,243 recorded in December of 2021.
The fall in the broader new-vehicle ATP is attributed to lower luxury vehicle sales for the month of January, 2022. Luxury vehicle sales accounted for 16.3 percent of total vehicle sales last month, as compared to 18.4 percent the month prior. That said, new-vehicle prices remain elevated as compared to new-vehicle prices in 2021. Customer demand remains strong, while new-vehicle supply remains low.
According to executive analyst for Cox Automotive Michelle Krebs, it looks as though the recent surge in new-vehicle pricing has peaked, and although new-vehicle supply is expected to improve, it will likely remain low through the first half of the 2022 calendar year. As such, prices will likely remain high.