The average transaction price (ATP) of a new GMC vehicle remained relatively stable in November 2022, decreasing by only 0.2 percent to $62,763 per vehicle compared to $50,573 during the same timeframe last year.
According to a report from Kelley Blue Book and Cox Automotive, the ATP for a new GMC vehicle actually rose on a month-over-month basis, rising two percent from an October 2022 ATP of $61,541 per vehicle.
This stable GMC ATP figure is contradicted by a larger year-over-year decline in transaction prices for parent company General Motors. Including all four of GM’s brands that are offered in the U.S. – Chevy, Buick, Cadillac and GMC – the ATP for a new GM vehicle was $52,441 in November 2022. This represents a 1.9 percent decline as compared to November 2021 numbers but a rise month-over-month. GM’s ATP in November 2022 rose 0.1 percent from October 2022 figures, where the ATP stood at $52,378 per vehicle.
As a whole, the automotive industry recorded a 4.4 percent year-over-year increase in ATP figures, up to $48,681 in November 2022 as compared to $46,661 in November 2021. Additionally, ATP was up 0.9 percent on a month-over-month basis, where vehicles were selling for an average of $48,259 in October 2022.
The report points out various influences for higher ATP figures in November 2022, including luxury vehicles making up more than 18 percent of total sales, plus an increase in the ATP of electric vehicles to over $65,000, rising by $1,100 on a month-over-month basis. In addition, vehicle incentives are low, coming in at 2.2 percent of the ATP as compared to 4.1 percent the year before.
“The transaction data from November clearly indicates that prices are showing no signs of coming down as we head into the holiday season,” said research manager of economic and industry insights for Cox Automotive, Rebecca Rydzewski. “The mix of available vehicles still favors more expensive models and higher trim levels. In fact, average MSRP has increased more than average ATP year over year, indicating automakers are still building a richer mix of expensive models and fewer value vehicles.”
The average transaction price of a new vehicle remains well above sticker price, which has been the case since July 2021. In total, sales volumes industry-wide in November 2022 was up more than 11 percent when compared to November 2021, but have fallen since October 2022. Higher prices and rising loan rates are likely the culprits for this recent drop in sales.
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Third request. When are they going to start or resume building the Sierra 2500HD on order trucks???