The Average Transaction Price (ATP) for new vehicle sales across the auto industry was down month-to-month in March, but remained elevated over MSRP. Notably, the ATP for new Chevrolet vehicles fell slightly last month, but remained more than 11 percent higher than ATPs recorded a year prior.
According to a recent report from Kelley Blue Book, the ATP for new Chevrolet vehicle sales was recorded at $46,494 last month, representing a 1.9-percent month-to-month decline as compared to an ATP of $47,372 recorded in February of 2022. The figure is also up 11.3 percent as compared to an ATP of $41,772 for new Chevrolet vehicle sales recorded for March of 2021.
As for all four General Motors brands in the U.S., the ATP for new GM vehicle sales last month was $49,898, down 1.9 percent from an ATP of $50,876 recorded for February of 2022, and up 10.7 percent as compared to an ATP of $45,073 recorded for March of 2021.
Looking at the numbers for the broader automotive industry, the ATP for all new vehicle sales in the U.S. was $45,927 last month, representing a 0.3-percent decline as compared to an ATP of $46,082 recorded for February. The March 2022 figure was up 12.9 percent compared to an ATP of $40,668 recorded for March of 2021.
The month-to-month decline in new-vehicle ATPs across the auto industry follows record-high prices recorded in December of 2021. According to Kelley Blue Book, new-vehicle inventory days’ supply was in the low 30s last month, which, combined with strong demand from consumers, allowed dealers to continue to sell at or above MSRP. Honda, Kia, and Mercedes-Benz saw some of the highest ATPs over MSRP between 7.8 percent and 9.8 percent, while Buick, Volvo, and Lincoln were selling 1 percent below MSRP.
“With a myriad of supply chain issues disrupting global vehicle production, we expect inventory to remain tight through the rest of the year and prices to remain high,” said executive analyst for Cox Automotive Michelle Krebs.
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Comments
Typical American cooperate greed once again. Keep screwing the small guy that keep companies going.
I was lucky enough to find a dealership in my area that was still honoring GM discounts and rebates while not marking up their vehicles. My wife wanted a new AWD Blazer so the salesman found one that was inbound within the next few days and sold it to us…he took the time to find $3500 in rebates and honored my family’s full GM discount, the truck was not marked up one penny. I asked why they aren’t doing what all the other dealerships are doing, especially with an empty sales lot and he told me that they don’t want to jeopardize future customer relationships, so they decided to keep on going business as usual. Once word got around that they were doing this, they had sales requests from all over the country. It got so overwhelming that they stopped doing out-of-state sales so they had vehicles to sell to local customers.
Tim these guys sound to good to be true, but every once in a while you have a rarity! Where are they located, I might consider a purchase once all this b. s. has settled down?
Serra Chevrolet/Toyota in Saginaw, Michigan
Thank you again J Lo for that earthshattering piece of info. I can hardly wait till your next piece on GM’s market share comes out, I haven’t been sleeping lately!