GMC Average Transaction Price Up 9.2 Percent In March 20234
The average transaction price (ATP) for a new GMC vehicle increased last month, rising in terms of both month-over-month figures and year-over-year figures. The ATP for all four of GM’s U.S. brands also increased during March, while industry-wide ATP increased as well. That said, industry-wide ATP was below MSRP for the first time in nearly two years last month.
According to a recent report from Kelley Blue Book, the ATP for a new GMC vehicle was recorded at $62,133 during March of 2023. The most-recent ATP figure was 9.2 percent higher than the ATP for a new GMC vehicle recorded a year prior at $56,887. The March 2023 figure was also 0.5 percent higher than a figure of $61,806 recorded for February of 2023.
Taking all four GM U.S. brands combined, including Buick, Cadillac, Chevy, and GMC, the ATP for a new GM vehicle was recorded at $51,231 during March of 2023. That figure was a 2.6 percent increase year-over-year compared to an ATP of $49,910 recorded for March of 2022, and static month-over-month compared to an ATP figure of $51,212 for February of 2023.
The broader industry ATP for a new vehicle was set at $48,008 in March of 2023, an increase of 3.8 percent compared to an ATP figure of $46,244 recorded for March of 2022. The March 2023 figure was also a 1.1 percent decrease compared to an ATP of $48,558 recorded for February of 2023.
The latest figures indicate that industry-wide new vehicle ATP fell below sticker price for the first time in 20 months during March of 2023, averaging $171 below sticker. According to Kelley Blue Book, auto manufacturers incentives increased to the highest level in the last 12 months at 3.2 percent of ATP, averaging out at $1,516. Nevertheless, incentive spend remains at historically low levels. The recent pricing decrease is attributed to steadily improving vehicle inventory.
Subscribe to GM Authority for more GM business news, GMC news, and around-the-clock GM news coverage.
- Sweepstakes Of The Month: Win a 2023 Corvette Z06 Convertible. Details here.
Trying to price themselves out of the market.
Yes sales are up, hmmm. Don’t think you know how that works.
GMC is a premium brand that’s value to GM often gets overlooked. Buick GMC dealers quarterly sales surpass Mazda, often Subaru & other brands. As Hummer grows & Buick’s new branding pays off, we are looking at a powerhouse within GM that is probably more profitable than Cadillac.
GMC should be considered for more global markets just like Jeep while and could market the Electra lineup in Europe
GMC will be getting a few bucks from me once my 2024 Denali HD comes in, sure I’ll be broke, but I will be helping out the average transaction price!