The average transaction price (ATP) of the GMC Sierra rose by more than 12Â percent in Q3 2022 amid continued demand for the full-size pickup truck.
According a Cox Automotive report (PDF), the average transaction price for a GMC Sierra from July through September 2022 stood at $69,878, a 12.5 percent increase year-over-year. In fact, the Sierra had the largest increase in average transaction price of all GMC models. Interestingly, sales of the Sierra were down during this time period, falling almost five percent to 50,169 units.
The Sierra’s corporate platform-mate, the Chevy Silverado, also saw a rise in average transaction price of 14.1 percent to $60,445.
The recent introduction of the 2022 GMC Sierra AT4X and Sierra Denali Ultimate likely helped contribute to this increase in average transaction price. In addition, as a whole, production has been leaning towards the more costly trims levels rather than base trims.
This rise in Sierra average transaction prices correlates with an overall rise in GMC sales, which saw an almost 24 percent increase from 97,254 units in Q3 2021 to 120,512 units in Q3 2022.
Sales Results - Q3 2022 - USA - GMC
| MODEL | Q3 2022 / Q3 2021 | Q3 2022 | Q3 2021 | YTD 2022 / YTD 2021 | YTD 2022 | YTD 2021 |
|---|---|---|---|---|---|---|
| ACADIA | +52.33% | 14,406 | 9,457 | -29.83% | 39,072 | 55,679 |
| CANYON | +41.45% | 7,750 | 5,479 | +19.15% | 21,411 | 17,970 |
| HUMMER EV PICKUP | * | 411 | * | * | 782 | 0 |
| SAVANA | +291.92% | 8,681 | 2,215 | +36.75% | 18,469 | 13,506 |
| SIERRA | -4.94% | 50,169 | 52,774 | -11.55% | 169,107 | 191,186 |
| TERRAIN | +80.96% | 17,917 | 9,901 | +51.08% | 65,619 | 43,434 |
| YUKON | +17.31% | 12,591 | 10,733 | -5.55% | 34,924 | 36,975 |
| YUKON XL | +28.26% | 8,587 | 6,695 | +8.13% | 24,620 | 22,768 |
| GMC TOTAL | +23.91% | 120,512 | 97,254 | -1.97% | 374,004 | 381,518 |
Despite the rise in sales, GMC incentive spending is down over 64 percent in Q3 2022 on a year-to-year basis. This represents an average incentive of $1,048 per vehicle, which was down from $2,935 per vehicle in Q3 2021. The average incentive spending across all four of GM brands in the third quarter of this year stood at $1,353 per vehicle.
The average transaction price of almost every single GM product was up on a year-to-year basis. The only vehicle that saw a decrease was the Chevy Bolt EV, which fell almost six percent to $35,042.
Overall, total GM Q3 2022 sales in the United States – which include Chevrolet, Buick, GMC and Cadillac – increased almost 25 percent to 555,580 units. That’s still far behind GM Q3 2020 sales of 665,192 units. The semiconductor chip shortage had yet to fully take hold in Q3 2020, which is the main reason behind the large year-over-year decrease in sales volume between Q3 2020 and Q3 2021.
Subscribe to GM Authority for more GMC Sierra news, GMC news, GM sales news and around-the-clock GM news coverage.
Comments
Sierra alone yielded $3.5B in revenue last quarter. Escalade was $1B. Silverado generated twice the revenue ($7B) of the Sierra despite selling for 9k/unit less. There was an article on AN stating that the Denali trim level is the most successful “luxury” brand in the US, generating more revenue than the entirety of Mercedes etc.
GMs truck platform is also the most profitable platform in the industry due to its shared use in their full size SUVs.
And many suggest that the GMC brand should have been shut down years ago. That’s pure lunacy when you look at those numbers.
Silverado had over $7.0B in revenue, and without GMC, Chevy would have more high-end models, and an even higher ATP, Chevy would be selling a lot more without GMC too…
That’s not how that works…
You don’t think Chevy would have both higher sales, and more high-end models if GMC didn’t exist? 8 years ago LTZ was as high as Chevy Silverado trims went, that is equivalent to the GMC SLT, or Lariat at Ford and Laramie at Ram…
Thanks Brandon!
This article is so stupid, of course there’s an increase in transaction price especially when the prices of similarly equipped Sierra trucks went up almost $10,000 from 2021 to 2022. As long as people are paying these prices it’s not going to change anytime soon – the 2023 Sierra 1500’s were already announced that they will be $1500 more than the 2022’s. This is how GM is paying for all these EVs that will become disposable vehicles when their batteries need to be replaced and nobody will pay $20k – $40k for a battery pack. Just wait until they get dinged for a mileage tax to help pay for the roads because there won’t be the funds coming from the gasoline taxes. This EV bubble is going to implode and a lot of people will get caught off guard. Don’t say I didn’t warn you.
You do realize costs go down as production goes up right? With more and more vehicles using batteries and more sharing costs, that 20k battery now will be half that in short time. Happens with everything.
Also they don’t crap out in 5 years, Tesla has been tracking that and at 10 years and well over 100k miles they still have over 90% of their battery capacity, and those numbers continue to improve as other big name manufacturers get in the game and technology advances.
So your narratives, as just flat out false.
Anything else you want to bring to the table to get debunked or are you just going to be a life long anti-BEV supporter?
You should take an Econ 101 course, or at least brush-up on supply/demand and equilibrium.
Right now, oil production is going up, why aren’t prices going down?
Did I say the batteries crap out in 5 years? No, I said “when the batteries need to be replaced”. You know who holds most of the cobalt for these batteries – China. Do you think China will ever drop the price of cobalt? Never, the price will only go up. Have you seen how much waste there is to mine enough cobalt for one battery? It’s an environmental nightmare. Oil production is almost sanitary in comparison. Then tell me how are you going to charge up your EV? Solar, wind? Nuclear is the most efficient, but the most hazardous, natural gas has always been billed as “Clean Energy”, but because it is derived as a fossil fuel now it is evil. You libs can’t have it both ways. China is building 36 coal fired electricity generating stations and California is shutting down all their natural gas fired power plants without anything to replace them. Last summer Gavin Newsom said that by 2035 all new cars sold in California have to be electric, then 3 weeks later he told everyone that due to not having enough electrical supply – don’t charge up your electric vehicles. Instead of forcing EVs on the consumers, make all government vehicles EVs – that includes all the limos for the VIPs and see how that works, build the electrical infrastructure, build power plants that actually work at night when the wind doesn’t blow and then they can start making their demands on the consumer. Until then I see no reason to get an EV.
“the average transaction price for a GMC Sierra from July through September 2022 stood at $69,878”
My mostly-loaded Sierra SLT Crew Cab 4×4 had an MSRP of $4,000 less than that (and I only paid $59,000); crazy to think that my truck is below average.
This must include HD’s, as well.