As of January 2024 and March 2024, dealer inventory levels of GMC vehicles across the United States stood above the industry average at 83 days and 76 days of supply, respectively. With that in mind, Big Red’s inventory rose just slightly over the course of April 2024 to remain above the average across the automotive industry.
According to a report from Cox Automotive, GMC inventory levels stood at a 79 days supply as of April 2024, while the industry average was recorded at 76. This means that at the current sales pace, there is enough inventory on dealership lots to last for 79 days. Notably, a 60 days supply mark is generally considered optimal in the industry. In comparison to the rest of General Motors’ U.S.-market brands, GMC was ranked on top as Chevy, Cadillac and Buick stood at 70, 72 and 77 days of supply, respectively.
It’s worth noting that these all figures are related to the U.S. market.
In regard to GMC average transaction prices, Big Red saw a 1.6-percent jump from $63,379 per vehicle in April 2023 to $64,381 in April 2024, while ATPs also increased 1.2 percent month-over-month from $63,621 in March 2024.
Finally, the average price for a new vehicle in April 2024 was $48,510, which was just slightly down from the year prior. Across the automotive industry, it appears as though more-affordable models feature lower supply levels, while the highest-priced inventory – $50,000 or more – increased 5.5 percent month-over-month to an average of a 90 days supply. Meanwhile, discounts and incentives dipped to 6.3 percent of the average transaction prices in April 2024, the first such decrease since October 2023 where incentive levels ticked from 4.8 percent in September 2023 to 4.7 percent.
For reference, this study was based on the daily sales rate for the most recent 30-day period – which in this case ended on May 2nd, 2024. Over this timeframe, April 2024 sales rose five percent on a year-over-year basis for a total sales pace of 15.5 million units.
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Comments
When are they going to get some Canyon Denali’s and Colorados? These seem to be much sought after vehicles. Is GM creating a market shortage? Dirty pool.
I think it has more to do with the stop sale and strike than GM trying to create a market shortage, I’d imagine they want to sell every truck they can considering they’re still deep in the red on their EV projects
TRAIL BOSS ELECTRIC 1500 OR 2500 PICKUP TRUCK, ELECTRIC 2025, I DONT WONT TO SEE NOTHING ELSE.
IMHO – as prices go up, so will inventory. It is hard for most folks to justify a $60k-125k vehicle purchase when that money is better spent elsewhere.
For this same reason, manufacturers that concentrate on more affordable vehicles generally have smaller inventory levels.
If GM wants to lower inventory levels, then they need to lower MSRP or offer greater incentives to bring down inflated prices.
agreed, hopefully we start to see some bigger incentives because I cant imagine these current prices being sustainable
80K fot Ford or Chevy truck is crazy. Just keep the old one. Sawz$3,800 add on to sticker on upper end Honda,Pilot and hybrid crv touring today. Others were no add on. They can keep them