Incentive spending for GMC vehicles fell more than 18 percent in Q1 2023 on a year-over-year basis, representing the third consecutive drop over the past few years during this timeframe.
According a Cox Automotive report, the average incentive offered on a GMC vehicle sold in the U.S. in Q1 2023 stood at $1,793 per vehicle, which was down from $2,193 per vehicle in Q1 2022. The average incentive spending across all four of GM brands in the fourth quarter of this year fell three percent to $1,908 per vehicle.
In contrast to the incentives spending figures, GMC sales increased more than seven percent from 121,437 units in Q1 2022 to 130,608 units in Q1 2023.
Sales Results - Q1 2023 - USA - GMC
|MODEL||Q1 2023 / Q1 2022||Q1 2023||Q1 2022|
|HUMMER EV PICKUP||-97.97%||2||99|
Sales of the GMC Acadia rose significantly, posting a more than 70 percent increase to 15,959 units sold in Q1 2023. Not far behind was the GMC Yukon, which saw a 62 percent jump to 17,723 units in Q1 2023. In fact, a majority of GMC products saw an increase in sales, while the all-electric GMC Hummer EV Pickup saw the largest drop of almost 98 percent to just two units sold in Q1 2023.
Overall, total GM Q1 2023 sales in the United States – which include Chevy, Buick, GMC and Cadillac – increased more than 17 percent to 599,187 units. That’s a noticeable improvement over GM Q3 2020 sales of 509,108 units.
The average incentive spending for Chevy stood at $1,846 per vehicle in Q3 2022, up exactly seven percent from the same time period last year. It was a similar scenario over at Buick, with incentive spending averaging $2,096 per vehicle, and up more than three percent from Q1 2022 figures. Meanwhile, Cadillac incentive spending fell more than 27 percent to $2,800 per vehicle.
While incentive spending did decrease as compared to the same timeframe last year, due to slowing demand and increased supply, overall GM incentives were still up from Q4 2022. It’s likely that this trend will continue moving forward.