The Average Transaction Price (ATP) for new GMC vehicle sales was stable last month as compared to ATP figures recorded for new GMC vehicles a year prior.
According to a recent report from Kelley Blue Book, the ATP for new GMC vehicles was $57,689 last month, as compared to a figure of $57,448 recorded for April of 2021, a rise of just 0.4 percent year-over-year. The figure for April of 2022 was also a month-to-month increase of 1.4 percent, as compared to an ATP figure of $56,892 recorded for March of 2022.
In terms of all four of GM’s U.S. brands, which includes Buick, Cadillac, Chevrolet, and GMC, ATPs for The General were up 6.3 percent year-over-year in April of 2022 at $49,741, as compared to a figure of $46,795 recorded for April of 2021. GM’s ATP was also down 0.4 percent month-to-month, with a figure of $49,920 recorded in March of 2022.
As GM Authority covered previously, the ATP for new Chevrolet vehicle sales remained elevated in April of 2022, recorded at $46,225, an increase of 5.9 percent year-over-year as compared to an ATP of $43,647 recorded for April of 2021.
Also of note are the ATP figures for the broader automotive industry, which were up 13 percent year-over-year for April of 2022 at $46,526, as compared to a figure of $41,172 recorded for April of 2021. Month-to-month, the broader auto industry ATP was up 0.7 percent with a figure of $46,223 recorded for March of 2022.
Critically, April of 2022 marked the eleventh straight month of an “over sticker” market, with consumers continuing to pay over MSRP for new vehicles. Inventory remains low, with an average supply in the low 30-days range, while customer demand remains high. As such, incentives fell to a record low last month, averaging out at only 2.8 percent of ATP.