According to a recent report from Kelley Blue Book and Cox Automotive, the ATP for a new GMC vehicle was also up month-over-month, rising 2.6 percent from a figure of $60,052 recorded for September of 2022.
Notably, the combination of ATP figures for all four of GM’s U.S. brands (Buick, Cadillac, Chevy, and GMC) resulted in an overall ATP decrease for The General, with new GM vehicle ATP recorded at $52,416 last month, making for a 3.7-percent year-over-year decline from a figure of $54,454 in October of 2021, and a 0.1-percent month-over-month decline from a figure of $52,473 recorded for September of 2022.
As for the the broader automotive industry, the new-vehicle ATP was up 3.8 percent year-over-year to $48,281 for October of 2022, as compared to a figure of $46,506 recorded for October of 2021. Additionally, new-vehicle ATP was up 0.2 percent month-over-month for a figure of $48,206 recorded in September of 2022.
Among the insight provided by Kelley Blue Book and Cox Automotive were historically low auto incentives, which remained stable last month at 2.1 percent of ATP, as compared to 4.3 percent of ATP in October of 2021. The average non-luxury car price in October of 2022 was $44,288, an increase of $142 month-over-month, and an average of $690 above the sticker price, a slight decline compared to figures from September of 2022. October of 2022 marked the 17th straight month that new-vehicle ATPS were higher than the average MSRP, a new record.
At $48,281, the broader industry ATP for new vehicles was only slightly lower than the all-time high of $48,301 recorded in August of 2022. According to Cox Automotive, new-vehicle inventory has shown signs of improvement, although some brands have improved at a faster rate than others.