The Average Transaction Price (ATP) for new Cadillac vehicles was up 5.8 percent in April as compared to ATP figures recorded for new Cadillac vehicles in April of 2021.
According to a report from vehicle research and valuation company Kelley Blue Book, the ATP for new Cadillac vehicles was $69,073 last month, as compared to a figure of $65,297 for April of 2021. Although the new Cadillac vehicle ATP was up 5.8 percent year-over-year, figures were down 3.8 percent month-to-month as compared to an ATP of $71,826 recorded for March of 2022.
With regard to all four U.S. GM brands, including Buick, Cadillac, Chevrolet, and GMC, GM’s combined ATP was up 6.3 percent year-over-year to $49,741 last month, as compared to a figure of $46,795 recorded for April of 2021. Month-to-month, GM’s ATP was down 0.4 with a figure of $49,920 recorded for March of 2022.
As GM Authority covered previously, the ATP for new Chevrolet vehicle sales was up year-over-year in April at $46,225, an increase of 5.9 percent compared to an ATP of $43,647 for April of 2021. Additionally, GMC’s new-vehicle-sales ATP was up 0.4 percent year-over-year last month at $57,689 as compared to an ATP of $57,448 for April of 2021.
As for ATP figures for the broader automotive industry, new vehicle sales were up 13 percent year-over-year last month at $46,526, as compared to $41,172 for April of 2021. What’s more, the broader auto industry was up 0.7 percent month-to-month with a figure of $46,223 for March of 2022.
New vehicle inventory was low in April of 2022, with an average supply in the low 30-days range, which, coupled with high customer demand, kept incentives at a record low, averaging at just 2.8 percent of ATP.
Notably, luxury vehicle sales increased to 17.4 percent of total sales last month, as compared to 16.7 percent of total sales in March, thus increasing the broader industry ATP figure. What’s more, the average luxury buyer paid $65,628 for a new vehicle last month, a decrease of $4 month-to-month, but $1,865 above sticker price, a significant departure from an average of $1,850 under MSRP last year.
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