While the 2023 Cadillac Lyriq Debut Edition has a rather reasonable manufacturer’s suggested retail price of $59,990, this price is just that: suggested. GM can’t force its dealers to sell its products for a certain price, so it should be no surprise that some of them are trying to charge much more than MSRP for the highly sought-after Lyriq.
One of which is a dealership in Thousand Oaks, California that’s attempting to apply a markup to a customer’s 2023 Cadillac Lyriq Debut Edition. The customer in question, Melanie, managed to successfully place a pre-order for the 2023 Cadillac Lyriq Debut Edition when GM first opened the order books last year. When she inquired about her vehicle online, a sales rep from Silver Star Cadillac informed her they would be applying a $5,000 market adjustment fee to her allocation due to “high demand and limited supply.”
“I was able to independently confirm a preorder for Lyriq and was asked to select a dealership,” Melanie said in a post on Markups.org. “I had inquired online and was told nothing of this mark-up until they received MY allocation. No way, no how! I don’t suffer fools gladly, especially greedy fools!”
While we can understand this customer’s frustration and certainly don’t blame her for walking on the sale, this isn’t such a bad markup compared to others we’ve seen in recent months. For example, a GMC Hummer EV Pickup Edition 1 reservation-holder was slapped with a $50,000 markup when he turned up at Penske Buick GMC in Cerritos, California to pick up his vehicle. Not surprisingly, that customer also walked on the sale, as the transaction price would have totaled a frankly ridiculous $177,013.85 after taxes and other registration/licensing fees.
GM warned dealers in January about applying so-called market adjustment fees to in-demand products like its latest EV offerings. In a letter sent to dealers, the automaker said it was aware of some dealerships that have been “demanding money above and beyond the reservation amounts set in GM’s program rules,” and would be “forced to take action if it learns of any unethical sales practices or brokering activities that undermine the integrity,” of its brands. This could include rerouting future products like the Cadillac Lyriq Luxury AWD to other dealers or taking “other recourse prescribed by the Dealer Sales and Service Agreement.”
The 2023 Cadillac Lyriq Debut Edtion, which sold out in minutes after GM began accepting pre-orders last year, began rolling off the line at GM’s Spring Hill plant in Tennessee in late March, with initial deliveries of this version of the battery-electric luxury crossover set to begin this summer.