Cadillac Average Transaction Price Up 1.1 Percent In March 2023
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The average transaction price (ATP) for a new Cadillac vehicle increased last month, both in terms of month-over-month pricing changes and year-over-year pricing changes. Strong luxury sales in March elevated overall ATP across the auto industry. However, new vehicle ATP across all segments was actually below sticker price for the first time in 20 months.
According to a recent report from Kelley Blue Book, the ATP for a new Cadillac vehicle was recorded at $72,624, a 1.1-percent increase compared to an ATP figure of $71,811 for March of 2022. The March 2023 figure was also up 7.1 percent from an ATP figure of $67,831 recorded for February 2023.
Looking at all four of GM’s U.S. brands combined, including Buick, Cadillac, Chevy, and GMC, the ATP for a new GM vehicle was recorded at $51,231 for the month of March, 2023. The March 2023 figure represented an increase of 2.6 percent compared to an ATP figure of $49,910 recorded for the month of March in 2022. The March 2023 figure was also more or less static month to month, with an ATP figure of $51,212 recorded for February of 2023.
Looking at the broader automotive industry, new vehicle ATP was recorded at $48,008 in March of 2023, a 3.8-percent increase year-over-year compared to an ATP figure of $46,244 recorded for March of 2022. The March 2023 figure was also down 1.1 percent month-over-month compared to an ATP of $48,558 for February of 2023.
According to Kelley Blue Book, luxury vehicle sales remained strong throughout March, representing 18.2 percent of total vehicle sales for the month. The March luxury vehicle share percentage was down only slightly from 19.3 percent vehicle share recorded for January of 2023. The report also indicates that luxury buyers continued to pay over sticker price for new luxury vehicles in March, averaging $65,202, a decrease of only $9 from the month prior.
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