The average transaction price (ATP) of the GMC Terrain rose almost seven percent in Q1 2023, reflecting an overall rise in Big Red’s ATP figures.
According a Cox Automotive report, the average transaction price for a GMC Terrain in the three months from January 2023 until the end of March 2023 stood at $36,700, a 6.8 percent increase year-over-year. This jump compares nicely with Q4 2022 figures, where the ATP of Big Red’s crossover rose 8.6 percent to $36,852. However, this ATP figure constrasts with sales of the GMC Terrain, which fell more than 28 percent to 17,928 units in Q1 2023.
This rise in Terrain average transaction prices correlates with an overall rise in GMC sales, which saw an increase of almost seven percent from 121,437 units in Q1 2022 to 130,608 units in Q1 2023. This puts sales figures of Big Red near pre-pandemic levels.
Sales Results - Q1 2023 - USA - GMC
| MODEL | Q1 2023 / Q1 2022 | Q1 2023 | Q1 2022 |
|---|---|---|---|
| ACADIA | +70.79% | 15,945 | 9,336 |
| CANYON | -18.57% | 5,016 | 6,160 |
| HUMMER EV PICKUP | -97.97% | 2 | 99 |
| SAVANA | +60.67% | 4,796 | 2,985 |
| SIERRA | +18.69% | 67,198 | 56,617 |
| TERRAIN | -28.13% | 17,928 | 24,944 |
| YUKON | -13.63% | 10,471 | 12,123 |
| YUKON XL | +0.86% | 9,252 | 9,173 |
| GMC TOTAL | +7.55% | 130,608 | 121,437 |
Sales of the GMC Acadia performed quite well, posting a 70 percent increase to 15,945 units sold in Q1 2023. Next up was the GMC Yukon, which saw an impressive 62 percent increase to 19,723 units in Q1 2023. Rounding out the top three was the GMC Savana, which posted a strong 60 percent rise to 4,796 units in Q1 2023.
It’s worth noting that the GMC Hummer EV only sold two units during this timeframe, as General Motors dealt with a battery recall issue.
Despite the overall rise in sales, GMC incentive spending was down nearly 18 percent in Q1 2023 on a year-to-year basis. This represents an average incentive of $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 third quarter of this year stood at $1,908 per vehicle.
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 Q1 2022 sales of 509,108 units.
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