Incentive spending at GMC was down nearly 55 percent in Q1 2022 amid continued strong demand and tight inventory levels.
The average incentive offered on a GMC vehicle in Q1 2022 stood at $2,192 per vehicle, according to Cox Automotive, which was down 54.9 percent from Q1 of 2021. The average incentive across all four of GM’s brands in the first quarter of this year stood at $1,966 per vehicle.
GMC saw a slight year-over-year sales decrease in Q1 of eight percent, with the premium truck, crossover and SUV brand selling 121,437 units in the first three months of the year. Chevy and Buick sales, by comparison, fell by 20 percent and 58 percent, respectively.
Sales of the GMC Terrain crossover soared 47 percent to nearly 25,000 units in Q1, while GMC Yukon XL sales surged 40 percent to 9,173 units. GMC also sold 99 examples of the GMC Hummer EV Pickup in Q1 after selling a single example in Q4 of 2022.
GM’s U.S. sales across all four brands totalled 509,108 vehicles in the first quarter, down 20 percent from the same time last year and far behind the all-time sales record for Q1 of 715,794 vehicles, which it recorded back in Q1 of 2018. The semiconductor chip shortage had yet to fully take hold in Q1 of 2021, which is the main reason behind the large year-over-year decrease in sales and available incentives at all four of GM’s brands in Q1 of this year.
As we reported previously, the average incentive offered on a Buick product in Q1 2022 stood at $2,021 per vehicle, down 61.8 percent from the same time period last year. It was a similar scenario over at Chevy, with incentives averaging $1,725 per vehicle, down 62.8 percent from Q1 of 2021. Incentive spending is likely to remain low this year as automakers continue to face inventory shortages due to the semiconductor chip shortage and other supply chain interruptions.
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