TrueCar Releases Analysis of April Industry Sales
Car sales remain strong despite higher fuel costs
SANTA MONICA, Calif., April 27, 2022 /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 1,247,917 units in April 2022, down 21% from a year ago and down 1% from March 2022, when adjusted for the same number of selling days. This month's seasonally adjusted annualized rate (SAAR) for total light vehicle industry sales is an estimated 14.8 million, down 19% from April 2021. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 1,088,345 units, down 20% from a year ago and down 4% from March 2022.
"Despite higher fuel prices and the Fed increasing interest rates, this month we are seeing car sales maintain a similar pace as March," said Nick Woolard, Lead Industry Analyst at TrueCar. "Consumers continue to signal strong demand for vehicles with supply still being the contributing factor to lower sales year-over-year. Individual vehicles such as the Toyota Prius are showing signs of shifting demand for some consumers. In the case of the Prius we are seeing demand up 10% compared to last year in the first three weeks of April."
"Incentives continue their downward trend in April, again notching their lowest levels since at least 2005. We expect Hyundai to have the lowest incentive levels in April of the major brands at just under $600 per unit on average. As might be expected, the three brands with the lowest incentives, Hyundai, Kia and Toyota are also the three brands that show the highest levels of scarcity on TrueCar," said Valeri Tompkins, Senior Vice President of OEM Solutions at TrueCar.
Additional Industry Insights (from TrueCar):
- Total sales for April 2022 are expected to be down 21% from a year ago and down 1% from March 2022 when adjusted for the same number of selling days.
- Fleet sales for April 2022 are expected to be down 24% from a year ago and up 19% from March 2022 when adjusted for the same number of selling days.
- Incentive spend is down 55% from last year.
- Average transaction price is projected to be up 15% from a year ago and down 1% from March 2022.
- Total SAAR is expected to be down 19% from a year ago at 14.8 million units.
- Used vehicle sales for April 2022 are expected to reach 3.4 million, down 15% from a year ago and down 5% from March 2022.
- The average interest rate on new vehicles is 4.8% compared to March 2022 at 4.6% and the average interest rate on used vehicles is 8%.
- The average loan term on a new vehicle for April 2022 is 70 months and the average loan term on a used vehicle is about 71 months.
Total Unit Sales |
|||||||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
YoY % Change |
YoY % Change |
MoM % Change |
MoM % Change |
BMW |
23,364 |
32,161 |
30,561 |
-27.4% |
-30.0% |
-23.5% |
-23.5% |
Daimler |
27,943 |
24,754 |
28,764 |
12.9% |
8.7% |
-2.9% |
-2.9% |
Ford |
183,341 |
197,063 |
158,500 |
-7.0% |
-10.4% |
15.7% |
15.7% |
GM |
203,149 |
238,819 |
204,829 |
-14.9% |
-18.1% |
-0.8% |
-0.8% |
Honda |
104,181 |
156,482 |
108,075 |
-33.4% |
-35.9% |
-3.6% |
-3.6% |
Hyundai |
60,795 |
80,817 |
63,983 |
-24.8% |
-27.6% |
-5.0% |
-5.0% |
Kia |
65,561 |
70,177 |
59,524 |
-6.6% |
-10.0% |
10.1% |
10.1% |
Nissan |
77,180 |
99,132 |
79,665 |
-22.1% |
-25.0% |
-3.1% |
-3.1% |
Stellantis |
145,226 |
166,012 |
143,376 |
-12.5% |
-15.8% |
1.3% |
1.3% |
Subaru |
39,580 |
61,389 |
43,322 |
-35.5% |
-37.9% |
-8.6% |
-8.6% |
Tesla |
45,898 |
16,600 |
47,953 |
176.5% |
166.3% |
-4.3% |
-4.3% |
Toyota |
175,525 |
238,089 |
195,271 |
-26.3% |
-29.0% |
-10.1% |
-10.1% |
Volkswagen Group |
35,466 |
71,336 |
39,262 |
-50.3% |
-52.1% |
-9.7% |
-9.7% |
Industry |
1,247,917 |
1,512,158 |
1,264,002 |
-17.5% |
-20.5% |
-1.3% |
-1.3% |
Retail Unit Sales |
|||||||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
YoY % Change |
YoY % Change |
MoM % Change |
MoM % Change |
BMW |
22,799 |
30,842 |
30,031 |
-26.1% |
-28.8% |
-24.1% |
-24.1% |
Daimler |
26,897 |
24,003 |
28,176 |
12.1% |
7.9% |
-4.5% |
-4.5% |
Ford |
136,299 |
153,678 |
128,849 |
-11.3% |
-14.6% |
5.8% |
5.8% |
GM |
165,025 |
210,003 |
177,840 |
-21.4% |
-24.3% |
-7.2% |
-7.2% |
Honda |
103,153 |
153,287 |
107,623 |
-32.7% |
-35.2% |
-4.2% |
-4.2% |
Hyundai |
60,690 |
70,734 |
63,307 |
-14.2% |
-17.4% |
-4.1% |
-4.1% |
Kia |
61,469 |
58,173 |
57,310 |
5.7% |
1.8% |
7.3% |
7.3% |
Nissan |
67,876 |
66,192 |
65,764 |
2.5% |
-1.3% |
3.2% |
3.2% |
Stellantis |
115,206 |
143,540 |
119,112 |
-19.7% |
-22.7% |
-3.3% |
-3.3% |
Subaru |
38,326 |
59,707 |
41,707 |
-35.8% |
-38.2% |
-8.1% |
-8.1% |
Tesla |
45,873 |
16,600 |
47,937 |
176.3% |
166.1% |
-4.3% |
-4.3% |
Toyota |
156,629 |
209,321 |
172,361 |
-25.2% |
-27.9% |
-9.1% |
-9.1% |
Volkswagen Group |
34,677 |
63,278 |
38,709 |
-45.2% |
-47.2% |
-10.4% |
-10.4% |
Industry |
1,088,345 |
1,309,713 |
1,130,112 |
-16.9% |
-20.0% |
-3.7% |
-3.7% |
Fleet Unit Sales |
|||||||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
YoY % Change |
YoY % Change |
MoM % Change |
MoM % Change |
BMW |
565 |
1,319 |
530 |
-57.2% |
-58.8% |
6.6% |
6.6% |
Daimler |
1,046 |
751 |
588 |
39.3% |
34.2% |
77.8% |
77.8% |
Ford |
47,042 |
43,385 |
29,651 |
8.4% |
4.4% |
58.7% |
58.7% |
GM |
38,124 |
28,816 |
26,989 |
32.3% |
27.4% |
41.3% |
41.3% |
Honda |
1,028 |
3,195 |
452 |
-67.8% |
-69.0% |
127.6% |
127.6% |
Hyundai |
105 |
10,083 |
676 |
-99.0% |
-99.0% |
-84.5% |
-84.5% |
Kia |
4,092 |
12,004 |
2,214 |
-65.9% |
-67.2% |
84.8% |
84.8% |
Nissan |
9,304 |
32,940 |
13,901 |
-71.8% |
-72.8% |
-33.1% |
-33.1% |
Stellantis |
30,020 |
22,472 |
24,264 |
33.6% |
28.6% |
23.7% |
23.7% |
Subaru |
1,254 |
1,682 |
1,615 |
-25.5% |
-28.2% |
-22.4% |
-22.4% |
Tesla |
25 |
- |
16 |
52.9% |
52.9% |
||
Toyota |
18,896 |
28,768 |
22,910 |
-34.3% |
-36.7% |
-17.5% |
-17.5% |
Volkswagen Group |
789 |
8,058 |
553 |
-90.2% |
-90.6% |
42.5% |
42.5% |
Industry |
159,572 |
202,445 |
133,890 |
-21.2% |
-24.1% |
19.2% |
19.2% |
Fleet Penetration |
|||||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
YoY % Change |
MoM % Change |
BMW |
2.4% |
4.1% |
1.7% |
-41.0% |
39.4% |
Daimler |
3.7% |
3.0% |
2.0% |
23.4% |
83.0% |
Ford |
25.7% |
22.0% |
18.7% |
16.5% |
37.2% |
GM |
18.8% |
12.1% |
13.2% |
55.5% |
42.4% |
Honda |
1.0% |
2.0% |
0.4% |
-51.7% |
136.1% |
Hyundai |
0.2% |
12.5% |
1.1% |
-98.6% |
-83.6% |
Kia |
6.2% |
17.1% |
3.7% |
-63.5% |
67.8% |
Nissan |
12.1% |
33.2% |
17.4% |
-63.7% |
-30.9% |
Stellantis |
20.7% |
13.5% |
16.9% |
52.7% |
22.1% |
Subaru |
3.2% |
2.7% |
3.7% |
15.6% |
-15.0% |
Tesla |
0.1% |
0.0% |
0.0% |
59.8% |
|
Toyota |
10.8% |
12.1% |
11.7% |
-10.9% |
-8.2% |
Volkswagen Group |
2.2% |
11.3% |
1.4% |
-80.3% |
57.8% |
Industry |
12.8% |
13.4% |
10.6% |
-4.5% |
20.7% |
Total Market Share |
|||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
BMW |
1.9% |
2.1% |
2.4% |
Daimler |
2.2% |
1.6% |
2.3% |
Ford |
14.7% |
13.0% |
12.5% |
GM |
16.3% |
15.8% |
16.2% |
Honda |
8.3% |
10.3% |
8.6% |
Hyundai |
4.9% |
5.3% |
5.1% |
Kia |
5.3% |
4.6% |
4.7% |
Nissan |
6.2% |
6.6% |
6.3% |
Stellantis |
11.6% |
11.0% |
11.3% |
Subaru |
3.2% |
4.1% |
3.4% |
Tesla |
3.7% |
1.1% |
3.8% |
Toyota |
14.1% |
15.7% |
15.4% |
Volkswagen Group |
2.8% |
4.7% |
3.1% |
95.1% |
96.1% |
95.2% |
|
Retail Market Share |
|||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
BMW |
2.1% |
2.4% |
2.7% |
Daimler |
2.5% |
1.8% |
2.5% |
Ford |
12.5% |
11.7% |
11.4% |
GM |
15.2% |
16.0% |
15.7% |
Honda |
9.5% |
11.7% |
9.5% |
Hyundai |
5.6% |
5.4% |
5.6% |
Kia |
5.6% |
4.4% |
5.1% |
Nissan |
6.2% |
5.1% |
5.8% |
Stellantis |
10.6% |
11.0% |
10.5% |
Subaru |
3.5% |
4.6% |
3.7% |
Tesla |
4.2% |
1.3% |
4.2% |
Toyota |
14.4% |
16.0% |
15.3% |
Volkswagen Group |
3.2% |
4.8% |
3.4% |
95.1% |
96.2% |
95.5% |
|
ATP |
|||||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
YOY |
MOM |
BMW |
$66,898 |
$59,581 |
$65,857 |
12.3% |
1.6% |
Daimler |
$69,018 |
$62,462 |
$71,192 |
10.5% |
-3.1% |
Ford |
$48,824 |
$44,413 |
$46,998 |
9.9% |
3.9% |
GM |
$50,292 |
$44,930 |
$49,911 |
11.9% |
0.8% |
Honda |
$36,888 |
$31,999 |
$37,829 |
15.3% |
-2.5% |
Hyundai |
$37,137 |
$30,583 |
$36,774 |
21.4% |
1.0% |
Kia |
$34,530 |
$29,816 |
$34,455 |
15.8% |
0.2% |
Nissan |
$35,739 |
$29,966 |
$34,393 |
19.3% |
3.9% |
Stellantis |
$54,410 |
$45,940 |
$53,435 |
18.4% |
1.8% |
Subaru |
$34,775 |
$31,213 |
$34,472 |
11.4% |
0.9% |
Toyota |
$40,102 |
$35,438 |
$40,609 |
13.2% |
-1.2% |
Volkswagen Group |
$44,233 |
$40,980 |
$43,526 |
7.9% |
1.6% |
Industry |
$43,755 |
$38,163 |
$43,171 |
14.7% |
1.4% |
$5,592 |
$584 |
||||
Incentives |
|||||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
YOY |
MOM |
BMW |
$1,702 |
$4,872 |
$1,823 |
-65.1% |
-6.6% |
Daimler |
$1,895 |
$3,799 |
$1,760 |
-50.1% |
7.6% |
Ford |
$1,523 |
$2,919 |
$1,607 |
-47.8% |
-5.2% |
GM |
$2,046 |
$4,641 |
$1,927 |
-55.9% |
6.2% |
Honda |
$1,133 |
$2,285 |
$1,098 |
-50.4% |
3.2% |
Hyundai |
$597 |
$2,440 |
$645 |
-75.5% |
-7.4% |
Kia |
$834 |
$2,570 |
$890 |
-67.5% |
-6.2% |
Nissan |
$1,695 |
$3,781 |
$1,772 |
-55.2% |
-4.4% |
Stellantis |
$2,336 |
$3,841 |
$2,212 |
-39.2% |
5.6% |
Subaru |
$922 |
$1,328 |
$873 |
-30.6% |
5.6% |
Toyota |
$855 |
$2,516 |
$905 |
-66.0% |
-5.6% |
Volkswagen Group |
$1,510 |
$3,924 |
$1,528 |
-61.5% |
-1.2% |
Industry |
$1,466 |
$3,234 |
$1,472 |
-54.7% |
-0.4% |
-$1,767 |
-$6 |
||||
Incentives as % of ATP |
|||||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
YOY |
MOM |
BMW |
2.5% |
8.2% |
2.8% |
-68.9% |
-8.1% |
Daimler |
2.7% |
6.1% |
2.5% |
-54.9% |
11.0% |
Ford |
3.1% |
6.6% |
3.4% |
-52.5% |
-8.8% |
GM |
4.1% |
10.3% |
3.9% |
-60.6% |
5.4% |
Honda |
3.1% |
7.1% |
2.9% |
-57.0% |
5.9% |
Hyundai |
1.6% |
8.0% |
1.8% |
-79.9% |
-8.4% |
Kia |
2.4% |
8.6% |
2.6% |
-72.0% |
-6.4% |
Nissan |
4.7% |
12.6% |
5.2% |
-62.4% |
-8.0% |
Stellantis |
4.3% |
8.4% |
4.1% |
-48.6% |
3.8% |
Subaru |
2.7% |
4.3% |
2.5% |
-37.7% |
4.7% |
Toyota |
2.1% |
7.1% |
2.2% |
-70.0% |
-4.4% |
Volkswagen Group |
3.4% |
9.6% |
3.5% |
-64.4% |
-2.7% |
Industry |
3.4% |
8.5% |
3.4% |
-60.4% |
-1.7% |
Revenue |
|||||
Manufacturer |
Apr 2022 Forecast |
Apr 2021 Actual |
Mar 2022 Actual |
YOY |
MOM |
Industry |
$54,602,883,710 |
$57,708,738,181 |
$54,568,664,490 |
-5.4% |
0.1% |
(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 enables auto buyers to connect to our nationwide network of Certified Dealers. We are building the industry's most personalized and efficient auto buying experience as we seek to bring more of the purchasing process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings, and market context on new and used cars – all with a clear view of what's a great deal. When they are ready, TrueCar will enable them to connect with a local Certified Dealer who shares in our belief that truth, transparency, and fairness are the foundation of a great auto buying 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. TrueCar is headquartered in Santa Monica, California, with an office in Austin, Texas.
For more information, please visit www.truecar.com, and follow us on Facebook or Twitter.
SOURCE TrueCar.com
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