Average APRs stabilizing for new and used vehicles
SANTA MONICA, Calif., April 26, 2023 /PRNewswire/ — TrueCar, Inc. (NASDAQ: TRUE), the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, expects total new vehicle industry sales to reach 1,328,691 units in April 2023, up 10% from a year ago and about even with March 2023, when adjusted for the same number of selling days. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 1,109,132 units, up 8% from a year ago and up 1% from March 2023.
“Sales are expected to improve in April YoY with strong fleet demand and stabilizing APRs,” said Zack Krelle, Industry Analyst at TrueCar. “Interest rates on vehicle loans appear to be plateauing as manufacturers offset higher financing costs with increased APR-based relief. Welcomed good news for retail consumers. Affordability concerns remain and we’re seeing demand for lower-priced vehicles, under $30K, move vehicles off the lot more quickly.”
“During the pandemic, OEMs focused on building higher trim vehicles, and now that inventory has begun creeping back up, I wouldn’t be surprised if we saw increased incentives to make the higher trim options more appealing when many consumers are searching for lower trim levels,” said Justin Colon, Vice President of OEM Solutions at TrueCar.
Additional April Industry Insights (from TrueCar):
- Total sales for April 2023 are expected to be up 10% from a year ago and about even with March 2023 when adjusted for the same number of selling days.
- Fleet sales for April 2023 are expected to be up 20% from a year ago and down 7.6% from March 2023 when adjusted for the same number of selling days.
- Average transaction price for new vehicles is projected to be up 2.8% from a year ago and down 1% from March 2023.
- Used vehicle sales for April 2023 are expected to reach about 3 million, down 1% from a year ago and down 6% from March 2023.
- The average interest rate on new vehicles is 6.95%, on par with March 2023 and the average interest rate on used vehicles is 10.79%, down from 11% in March 2023.
- The average loan term on a new vehicle for April 2023 is about 69 months and the average loan term on a used vehicle is about 70 months.
|
Total Unit Sales |
|||||||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
YoY % Change |
YoY % Change |
MoM % Change |
MoM % Change |
|
BMW |
35,640 |
28,678 |
37,734 |
24.3 % |
29.1 % |
-5.5 % |
-1.9 % |
|
Daimler |
28,979 |
31,065 |
28,179 |
-6.7 % |
-3.1 % |
2.8 % |
6.8 % |
|
Ford |
170,398 |
175,942 |
170,414 |
-3.2 % |
0.6 % |
0.0 % |
3.8 % |
|
GM |
227,111 |
200,972 |
230,537 |
13.0 % |
17.4 % |
-1.5 % |
2.3 % |
|
Honda |
115,849 |
93,250 |
116,746 |
24.2 % |
29.0 % |
-0.8 % |
3.0 % |
|
Hyundai |
75,816 |
66,707 |
81,060 |
13.7 % |
18.0 % |
-6.5 % |
-2.9 % |
|
Kia |
68,723 |
59,063 |
71,294 |
16.4 % |
20.8 % |
-3.6 % |
0.1 % |
|
Nissan |
83,862 |
74,668 |
103,174 |
12.3 % |
16.6 % |
-18.7 % |
-15.6 % |
|
Stellantis |
128,743 |
143,078 |
140,019 |
-10.0 % |
-6.6 % |
-8.1 % |
-4.5 % |
|
Subaru |
49,445 |
45,748 |
53,213 |
8.1 % |
12.2 % |
-7.1 % |
-3.5 % |
|
Tesla |
55,832 |
48,432 |
58,859 |
15.3 % |
19.7 % |
-5.1 % |
-1.5 % |
|
Toyota |
178,095 |
186,510 |
175,684 |
-4.5 % |
-0.8 % |
1.4 % |
5.3 % |
|
Volkswagen Group |
50,302 |
45,949 |
51,521 |
9.5 % |
13.7 % |
-2.4 % |
1.4 % |
|
Industry |
1,328,691 |
1,254,895 |
1,383,158 |
5.9 % |
10.0 % |
-3.9 % |
-0.2 % |
|
Retail Unit Sales |
|||||||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
YoY % Change |
YoY % Change |
MoM % Change |
MoM % Change |
|
BMW |
33,389 |
27,550 |
35,607 |
21.2 % |
25.9 % |
-6.2 % |
-2.6 % |
|
Daimler |
27,031 |
29,137 |
26,853 |
-7.2 % |
-3.7 % |
0.7 % |
4.5 % |
|
Ford |
121,696 |
129,821 |
118,645 |
-6.3 % |
-2.7 % |
2.6 % |
6.5 % |
|
GM |
171,040 |
156,562 |
174,836 |
9.2 % |
13.4 % |
-2.2 % |
1.6 % |
|
Honda |
112,218 |
88,044 |
114,449 |
27.5 % |
32.4 % |
-1.9 % |
1.8 % |
|
Hyundai |
70,469 |
66,027 |
75,046 |
6.7 % |
10.8 % |
-6.1 % |
-2.5 % |
|
Kia |
66,569 |
55,539 |
63,443 |
19.9 % |
24.5 % |
4.9 % |
9.0 % |
|
Nissan |
64,097 |
60,982 |
75,367 |
5.1 % |
9.2 % |
-15.0 % |
-11.7 % |
|
Stellantis |
91,618 |
112,947 |
92,021 |
-18.9 % |
-15.8 % |
-0.4 % |
3.4 % |
|
Subaru |
46,343 |
44,306 |
50,478 |
4.6 % |
8.6 % |
-8.2 % |
-4.7 % |
|
Tesla |
54,087 |
37,470 |
57,758 |
44.3 % |
49.9 % |
-6.4 % |
-2.8 % |
|
Toyota |
158,275 |
164,168 |
153,561 |
-3.6 % |
0.1 % |
3.1 % |
7.0 % |
|
Volkswagen Group |
46,166 |
44,503 |
47,836 |
3.7 % |
7.7 % |
-3.5 % |
0.2 % |
|
Industry |
1,109,132 |
1,068,187 |
1,137,316 |
3.8 % |
7.8 % |
-2.5 % |
1.3 % |
|
Fleet Unit Sales |
|||||||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
YoY % Change |
YoY % Change |
MoM % Change |
MoM % Change |
|
BMW |
2,251 |
1,128 |
2,127 |
99.6 % |
107.3 % |
5.8 % |
9.9 % |
|
Daimler |
1,948 |
1,928 |
1,326 |
1.0 % |
4.9 % |
46.9 % |
52.6 % |
|
Ford |
48,702 |
46,121 |
51,769 |
5.6 % |
9.7 % |
-5.9 % |
-2.3 % |
|
GM |
56,071 |
44,410 |
55,701 |
26.3 % |
31.1 % |
0.7 % |
4.5 % |
|
Honda |
3,631 |
5,206 |
2,297 |
-30.2 % |
-27.6 % |
58.1 % |
64.2 % |
|
Hyundai |
5,347 |
680 |
6,014 |
686.6 % |
716.8 % |
-11.1 % |
-7.7 % |
|
Kia |
2,154 |
3,524 |
7,851 |
-38.9 % |
-36.5 % |
-72.6 % |
-71.5 % |
|
Nissan |
19,765 |
13,686 |
27,807 |
44.4 % |
50.0 % |
-28.9 % |
-26.2 % |
|
Stellantis |
37,125 |
30,131 |
47,998 |
23.2 % |
28.0 % |
-22.7 % |
-19.7 % |
|
Subaru |
3,102 |
1,442 |
2,735 |
115.1 % |
123.3 % |
13.4 % |
17.8 % |
|
Tesla |
1,745 |
10,962 |
1,101 |
-84.1 % |
-83.5 % |
58.4 % |
64.5 % |
|
Toyota |
19,820 |
22,342 |
22,123 |
-11.3 % |
-7.9 % |
-10.4 % |
-7.0 % |
|
Volkswagen Group |
4,136 |
1,446 |
3,685 |
186.1 % |
197.1 % |
12.2 % |
16.5 % |
|
Industry |
215,593 |
186,510 |
242,300 |
15.6 % |
20.0 % |
-11.0 % |
-7.6 % |
|
Fleet Penetration |
|||||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
YoY % Change |
MoM % Change |
|
BMW |
6.3 % |
3.9 % |
5.6 % |
60.6 % |
12.0 % |
|
Daimler |
6.7 % |
6.2 % |
4.7 % |
8.3 % |
42.8 % |
|
Ford |
28.6 % |
26.2 % |
30.4 % |
9.0 % |
-5.9 % |
|
GM |
24.7 % |
22.1 % |
24.2 % |
11.7 % |
2.2 % |
|
Honda |
3.1 % |
5.6 % |
2.0 % |
-43.9 % |
59.3 % |
|
Hyundai |
7.1 % |
1.0 % |
7.4 % |
592.1 % |
-4.9 % |
|
Kia |
3.1 % |
6.0 % |
11.0 % |
-47.5 % |
-71.5 % |
|
Nissan |
23.6 % |
18.3 % |
27.0 % |
28.6 % |
-12.6 % |
|
Stellantis |
28.8 % |
21.1 % |
34.3 % |
36.9 % |
-15.9 % |
|
Subaru |
6.3 % |
3.2 % |
5.1 % |
99.0 % |
22.1 % |
|
Tesla |
3.1 % |
22.6 % |
1.9 % |
-86.2 % |
67.0 % |
|
Toyota |
11.1 % |
12.0 % |
12.6 % |
-7.1 % |
-11.6 % |
|
Volkswagen Group |
8.2 % |
3.1 % |
7.2 % |
161.4 % |
14.9 % |
|
Industry |
16.2 % |
14.9 % |
17.5 % |
9.2 % |
-7.4 % |
|
Total Market Share |
|||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
|
BMW |
2.7 % |
2.3 % |
2.7 % |
|
Daimler |
2.2 % |
2.5 % |
2.0 % |
|
Ford |
12.8 % |
14.0 % |
12.3 % |
|
GM |
17.1 % |
16.0 % |
16.7 % |
|
Honda |
8.7 % |
7.4 % |
8.4 % |
|
Hyundai |
5.7 % |
5.3 % |
5.9 % |
|
Kia |
5.2 % |
4.7 % |
5.2 % |
|
Nissan |
6.3 % |
6.0 % |
7.5 % |
|
Stellantis |
9.7 % |
11.4 % |
10.1 % |
|
Subaru |
3.7 % |
3.6 % |
3.8 % |
|
Tesla |
4.2 % |
3.9 % |
4.3 % |
|
Toyota |
13.4 % |
14.9 % |
12.7 % |
|
Volkswagen Group |
3.8 % |
3.7 % |
3.7 % |
|
95.5 % |
95.6 % |
95.3 % |
|
|
Retail Market Share |
|||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
|
BMW |
3.0 % |
2.6 % |
3.1 % |
|
Daimler |
2.4 % |
2.7 % |
2.4 % |
|
Ford |
11.0 % |
12.2 % |
10.4 % |
|
GM |
15.4 % |
14.7 % |
15.4 % |
|
Honda |
10.1 % |
8.2 % |
10.1 % |
|
Hyundai |
6.4 % |
6.2 % |
6.6 % |
|
Kia |
6.0 % |
5.2 % |
5.6 % |
|
Nissan |
5.8 % |
5.7 % |
6.6 % |
|
Stellantis |
8.3 % |
10.6 % |
8.1 % |
|
Subaru |
4.2 % |
4.1 % |
4.4 % |
|
Tesla |
4.9 % |
3.5 % |
5.1 % |
|
Toyota |
14.3 % |
15.4 % |
13.5 % |
|
Volkswagen Group |
4.2 % |
4.2 % |
4.2 % |
|
95.8 % |
95.2 % |
95.5 % |
|
|
ATP |
|||||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
YOY |
MOM |
|
BMW |
$69,233 |
$66,630 |
$68,176 |
3.9 % |
1.6 % |
|
Daimler |
$79,179 |
$68,382 |
$79,373 |
15.8 % |
-0.2 % |
|
Ford |
$53,313 |
$48,862 |
$52,560 |
9.1 % |
1.4 % |
|
GM |
$51,853 |
$50,401 |
$52,576 |
2.9 % |
-1.4 % |
|
Honda |
$37,753 |
$36,406 |
$38,019 |
3.7 % |
-0.7 % |
|
Hyundai |
$37,372 |
$36,863 |
$36,729 |
1.4 % |
1.7 % |
|
Kia |
$34,246 |
$34,700 |
$33,716 |
-1.3 % |
1.6 % |
|
Nissan |
$36,834 |
$35,883 |
$37,817 |
2.7 % |
-2.6 % |
|
Stellantis |
$56,804 |
$54,168 |
$55,629 |
4.9 % |
2.1 % |
|
Subaru |
$34,836 |
$34,904 |
$34,954 |
-0.2 % |
-0.3 % |
|
Toyota |
$43,174 |
$39,814 |
$43,068 |
8.4 % |
0.2 % |
|
Volkswagen Group |
$48,582 |
$48,545 |
$48,823 |
0.1 % |
-0.5 % |
|
Industry |
$45,251 |
$44,018 |
$45,651 |
2.8 % |
-0.9 % |
|
$1,233 |
-$399 |
||||
|
Incentives |
|||||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
YOY |
MOM |
|
BMW |
$3,131 |
$1,309 |
$3,020 |
139.2 % |
3.7 % |
|
Daimler |
$3,096 |
$1,354 |
$2,823 |
128.6 % |
9.7 % |
|
Ford |
$1,496 |
$1,435 |
$1,391 |
4.3 % |
7.5 % |
|
GM |
$2,026 |
$1,926 |
$1,837 |
5.2 % |
10.3 % |
|
Honda |
$957 |
$960 |
$1,083 |
-0.3 % |
-11.6 % |
|
Hyundai |
$1,081 |
$775 |
$1,086 |
39.4 % |
-0.5 % |
|
Kia |
$819 |
$669 |
$755 |
22.5 % |
8.5 % |
|
Nissan |
$1,944 |
$1,595 |
$1,979 |
21.9 % |
-1.8 % |
|
Stellantis |
$2,818 |
$1,925 |
$2,525 |
46.4 % |
11.6 % |
|
Subaru |
$832 |
$719 |
$826 |
15.8 % |
0.8 % |
|
Toyota |
$684 |
$844 |
$750 |
-18.9 % |
-8.8 % |
|
Volkswagen Group |
$2,655 |
$1,252 |
$2,603 |
112.1 % |
2.0 % |
|
Industry |
$1,606 |
$1,327 |
$1,542 |
21.0 % |
4.1 % |
|
$278 |
$64 |
||||
|
Incentives as % of ATP |
|||||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
YOY |
MOM |
|
BMW |
4.5 % |
2.0 % |
4.4 % |
130.3 % |
2.1 % |
|
Daimler |
3.9 % |
2.0 % |
3.6 % |
97.5 % |
9.9 % |
|
Ford |
2.8 % |
2.9 % |
2.6 % |
-4.4 % |
6.0 % |
|
GM |
3.9 % |
3.8 % |
3.5 % |
2.3 % |
11.9 % |
|
Honda |
2.5 % |
2.6 % |
2.8 % |
-3.9 % |
-11.0 % |
|
Hyundai |
2.9 % |
2.1 % |
3.0 % |
37.6 % |
-2.2 % |
|
Kia |
2.4 % |
1.9 % |
2.2 % |
24.1 % |
6.8 % |
|
Nissan |
5.3 % |
4.4 % |
5.2 % |
18.7 % |
0.9 % |
|
Stellantis |
5.0 % |
3.6 % |
4.5 % |
39.6 % |
9.3 % |
|
Subaru |
2.4 % |
2.1 % |
2.4 % |
16.0 % |
1.1 % |
|
Toyota |
1.6 % |
2.1 % |
1.7 % |
-25.2 % |
-9.0 % |
|
Volkswagen Group |
5.5 % |
2.6 % |
5.3 % |
111.9 % |
2.5 % |
|
Industry |
3.5 % |
3.0 % |
3.4 % |
17.7 % |
5.1 % |
|
Revenue |
|||||
|
Manufacturer |
Apr 2023 Forecast |
Apr 2022 Actual |
Mar 2023 Actual |
YOY |
MOM |
|
Industry |
$60,125,012,997 |
$55,238,281,390 |
$63,142,196,182 |
8.8 % |
-4.8 % |
(Note: This industry insight is based solely on TrueCar, Inc.’s analysis of domestic industry sales trends and conditions and is not a projection of TrueCar, Inc.’s operations.)
About TrueCar
TrueCar is a leading automotive digital marketplace that lets auto buyers and sellers connect to our nationwide network of Certified Dealers. With access to an expansive inventory provided by our Certified Dealers, we are building the industry’s most personalized and efficient auto shopping experience as we seek to bring more of the process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new, used and Certified Pre-Owned vehicles. When they are ready, shoppers in TrueCar’s marketplace can connect with a Certified Dealer in our network, who shares our belief that truth, transparency and fairness are the foundation of a great auto shopping experience. As part of our marketplace, TrueCar powers auto-buying programs for over 250 leading brands, including AARP, Sam’s Club, Navy Federal Credit Union and American Express.
For more information, please visit www.truecar.com, and follow us on LinkedIn, Facebook or Twitter.
SOURCE TrueCar.com
