The average transaction price (ATP) for new-vehicle sales last month was well over the ATP for new-vehicle sales in March of 2021, including for Cadillac, which was up 12.9 percent year-over-year.
According to a recent report from Kelley Blue Book, the ATP for new Cadillac sales last month was $72,041, up nearly 13 percent as compared to an ATP of $63,828 recorded for March of 2021. The March 2022 figure was down 1.6 percent as compared to an ATP of $73,197 recorded for February of 2022.
With regard to GM as a whole, including all four of The General’s U.S. brands (Buick, Cadillac, Chevy, and GMC), new-vehicle ATP was up 10.7 percent year-over-year at $49,898 for March of 2022, as compared to an ATP of $45,073 for March of 2021. New-vehicle ATP was down 1.9 percent month-to-month as compared to an ATP of $50,876 for February of 2022.
More broadly speaking, the auto industry as a whole saw ATP up 12.9 percent to $45,927 for March of 2022, as compared to a new-vehicle ATP of $40,680 for March of 2021. New-vehicle ATP for the industry was down 0.3 percent month-over-month as compared to an ATP of $46,082 for February of 2022.
With regard to the luxury segment specifically, the average luxury vehicle buyer paid $65,123 for a new vehicle last month, an increase of $272 month-over-month and an average of $2,550 above sticker price. By comparison, luxury vehicle sales were more than $2,400 under MSRP at this time last year.
New luxury vehicle sales share was down to 15.4 percent last month, as compared to 16.3 percent in February and 18.4 percent last December.
According to Kelley Blue Book, new-vehicle inventory days’ supply was in the low 30s in March. Supply chain issues continue to affect global vehicle production, and new-vehicle inventory is expected to remain tight through the rest of the year, accompanied by high demand and elevated prices.
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