TrueCar Releases Analysis of August Industry Sales
New vehicle incentives rise for second consecutive month
SANTA MONICA, Calif., Aug. 30, 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 1,152,846 units in August 2022, up 9% from a year ago and slightly up from July 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 13 million, down 14% from August 2021. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 1,015,575 units, up 6% from a year ago and up about 3% from July 2022.
"August is shaping up to confirm our early predictions that the industry may be turning the corner," said Zack Krelle, Industry Analyst at TrueCar. "We're seeing consecutive month over month increases for incentives, while average transaction prices are softening. Inventory is also slowly growing, and sales are improving slightly."
"This month we're seeing Hyundai and Kia doing well, which I believe is in part due to the freshness of their lineups, with greater design changes than other OEMs," said Justin Colon, Vice President of OEM Solutions at TrueCar.
Additional August Industry Insights (from TrueCar):
- Total sales for August 2022 are expected to be up 9% from a year ago and slightly up from July 2022 when adjusted for the same number of selling days.
- Fleet sales for August 2022 are expected to be up 40% from a year ago and down 12% from July 2022 when adjusted for the same number of selling days.
- Incentive spend is down 52% from last year but up 9% from July 2022.
- Average transaction price for new vehicles is projected to be up 10% from a year ago and slightly down from July 2022.
- Total SAAR is expected to be down 14% from a year ago at 13 million units.
- Used vehicle sales for August 2022 are expected to reach 3 million, down 17% from a year ago and up 4% from July 2022.
- The average interest rate on new vehicles is 5.7% compared to July 2022 at 5.6% and the average interest rate on used vehicles is 8.7%.
- The average loan term on a new vehicle for August 2022 is about 70 months and the average loan term on a used vehicle is about 71 months.
(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.)
Total Unit Sales |
|||||||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
YoY % Change |
YoY % Change |
MoM % Change |
MoM % Change |
BMW |
27,541 |
27,602 |
29,917 |
-0.2 % |
3.6 % |
-7.9 % |
-7.9 % |
Daimler |
28,491 |
20,351 |
29,896 |
40.0 % |
45.4 % |
-4.7 % |
-4.7 % |
Ford |
157,393 |
123,343 |
162,729 |
27.6 % |
32.5 % |
-3.3 % |
-3.3 % |
GM |
189,445 |
134,407 |
178,167 |
40.9 % |
46.4 % |
6.3 % |
6.3 % |
Honda |
67,047 |
114,656 |
71,235 |
-41.5 % |
-39.3 % |
-5.9 % |
-5.9 % |
Hyundai |
70,077 |
61,175 |
65,834 |
14.6 % |
19.0 % |
6.4 % |
6.4 % |
Kia |
64,996 |
54,009 |
62,449 |
20.3 % |
25.0 % |
4.1 % |
4.1 % |
Nissan |
50,813 |
67,317 |
50,535 |
-24.5 % |
-21.6 % |
0.6 % |
0.6 % |
Stellantis |
126,213 |
137,926 |
135,978 |
-8.5 % |
-5.0 % |
-7.2 % |
-7.2 % |
Subaru |
46,836 |
49,373 |
41,536 |
-5.1 % |
-1.5 % |
12.8 % |
12.8 % |
Tesla |
47,629 |
23,140 |
42,813 |
105.8 % |
113.7 % |
11.3 % |
11.3 % |
Toyota |
170,942 |
188,585 |
177,558 |
-9.4 % |
-5.9 % |
-3.7 % |
-3.7 % |
Volkswagen Group |
53,369 |
42,704 |
54,986 |
25.0 % |
29.8 % |
-2.9 % |
-2.9 % |
Industry |
1,152,846 |
1,095,323 |
1,146,084 |
5.3 % |
9.3 % |
0.6 % |
0.6 % |
Retail Unit Sales |
|||||||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
YoY % Change |
YoY % Change |
MoM % Change |
MoM % Change |
BMW |
25,647 |
25,952 |
28,954 |
-1.2 % |
2.6 % |
-11.4 % |
-11.4 % |
Daimler |
26,681 |
19,530 |
28,067 |
36.6 % |
41.9 % |
-4.9 % |
-4.9 % |
Ford |
118,068 |
91,870 |
121,573 |
28.5 % |
33.5 % |
-2.9 % |
-2.9 % |
GM |
160,900 |
117,562 |
140,998 |
36.9 % |
42.1 % |
14.1 % |
14.1 % |
Honda |
65,794 |
112,098 |
68,633 |
-41.3 % |
-39.0 % |
-4.1 % |
-4.1 % |
Hyundai |
68,774 |
57,785 |
65,132 |
19.0 % |
23.6 % |
5.6 % |
5.6 % |
Kia |
60,943 |
52,161 |
57,647 |
16.8 % |
21.3 % |
5.7 % |
5.7 % |
Nissan |
44,273 |
57,905 |
39,821 |
-23.5 % |
-20.6 % |
11.2 % |
11.2 % |
Stellantis |
103,751 |
122,502 |
110,441 |
-15.3 % |
-12.0 % |
-6.1 % |
-6.1 % |
Subaru |
45,599 |
48,561 |
40,131 |
-6.1 % |
-2.5 % |
13.6 % |
13.6 % |
Tesla |
45,116 |
23,140 |
40,181 |
95.0 % |
102.5 % |
12.3 % |
12.3 % |
Toyota |
150,475 |
174,764 |
155,692 |
-13.9 % |
-10.6 % |
-3.4 % |
-3.4 % |
Volkswagen Group |
50,461 |
41,284 |
53,027 |
22.2 % |
26.9 % |
-4.8 % |
-4.8 % |
Industry |
1,015,575 |
993,486 |
990,023 |
2.2 % |
6.2 % |
2.6 % |
2.6 % |
Fleet Unit Sales |
|||||||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
YoY % Change |
YoY % Change |
MoM % Change |
MoM % Change |
BMW |
1,894 |
1,650 |
963 |
14.8 % |
19.2 % |
96.7 % |
96.7 % |
Daimler |
1,810 |
821 |
1,829 |
120.5 % |
129.0 % |
-1.1 % |
-1.1 % |
Ford |
39,325 |
31,473 |
41,156 |
24.9 % |
29.8 % |
-4.4 % |
-4.4 % |
GM |
28,545 |
16,845 |
37,169 |
69.5 % |
76.0 % |
-23.2 % |
-23.2 % |
Honda |
1,253 |
2,558 |
2,602 |
-51.0 % |
-49.1 % |
-51.8 % |
-51.8 % |
Hyundai |
1,303 |
3,390 |
702 |
-61.6 % |
-60.1 % |
85.7 % |
85.7 % |
Kia |
4,053 |
1,848 |
4,802 |
119.3 % |
127.7 % |
-15.6 % |
-15.6 % |
Nissan |
6,540 |
9,412 |
10,714 |
-30.5 % |
-27.8 % |
-39.0 % |
-39.0 % |
Stellantis |
22,462 |
15,424 |
25,537 |
45.6 % |
51.2 % |
-12.0 % |
-12.0 % |
Subaru |
1,237 |
812 |
1,405 |
52.3 % |
58.2 % |
-12.0 % |
-12.0 % |
Tesla |
2,513 |
- |
2,632 |
-4.5 % |
-4.5 % |
||
Toyota |
20,467 |
13,821 |
21,866 |
48.1 % |
53.8 % |
-6.4 % |
-6.4 % |
Volkswagen Group |
2,908 |
1,420 |
1,959 |
104.8 % |
112.6 % |
48.5 % |
48.5 % |
Industry |
137,271 |
101,837 |
156,061 |
34.8 % |
40.0 % |
-12.0 % |
-12.0 % |
Fleet Penetration |
|||||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
YoY % Change |
MoM % Change |
BMW |
6.9 % |
6.0 % |
3.2 % |
15.0 % |
113.6 % |
Daimler |
6.4 % |
4.0 % |
6.1 % |
57.5 % |
3.8 % |
Ford |
25.0 % |
25.5 % |
25.3 % |
-2.1 % |
-1.2 % |
GM |
15.1 % |
12.5 % |
20.9 % |
20.2 % |
-27.8 % |
Honda |
1.9 % |
2.2 % |
3.7 % |
-16.2 % |
-48.8 % |
Hyundai |
1.9 % |
5.5 % |
1.1 % |
-66.4 % |
74.4 % |
Kia |
6.2 % |
3.4 % |
7.7 % |
82.2 % |
-18.9 % |
Nissan |
12.9 % |
14.0 % |
21.2 % |
-7.9 % |
-39.3 % |
Stellantis |
17.8 % |
11.2 % |
18.8 % |
59.1 % |
-5.2 % |
Subaru |
2.6 % |
1.6 % |
3.4 % |
60.6 % |
-21.9 % |
Tesla |
5.3 % |
0.0 % |
6.1 % |
-14.2 % |
|
Toyota |
12.0 % |
7.3 % |
12.3 % |
63.4 % |
-2.8 % |
Volkswagen Group |
5.4 % |
3.3 % |
3.6 % |
63.8 % |
53.0 % |
Industry |
11.9 % |
9.3 % |
13.6 % |
28.1 % |
-12.6 % |
Total Market Share |
|||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
BMW |
2.4 % |
2.5 % |
2.6 % |
Daimler |
2.5 % |
1.9 % |
2.6 % |
Ford |
13.7 % |
11.3 % |
14.2 % |
GM |
16.4 % |
12.3 % |
15.5 % |
Honda |
5.8 % |
10.5 % |
6.2 % |
Hyundai |
6.1 % |
5.6 % |
5.7 % |
Kia |
5.6 % |
4.9 % |
5.4 % |
Nissan |
4.4 % |
6.1 % |
4.4 % |
Stellantis |
10.9 % |
12.6 % |
11.9 % |
Subaru |
4.1 % |
4.5 % |
3.6 % |
Tesla |
4.1 % |
2.1 % |
3.7 % |
Toyota |
14.8 % |
17.2 % |
15.5 % |
Volkswagen Group |
4.6 % |
3.9 % |
4.8 % |
95.5 % |
95.4 % |
96.3 % |
|
Retail Market Share |
|||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
BMW |
2.5 % |
2.6 % |
2.9 % |
Daimler |
2.6 % |
2.0 % |
2.8 % |
Ford |
11.6 % |
9.2 % |
12.3 % |
GM |
15.8 % |
11.8 % |
14.2 % |
Honda |
6.5 % |
11.3 % |
6.9 % |
Hyundai |
6.8 % |
5.8 % |
6.6 % |
Kia |
6.0 % |
5.3 % |
5.8 % |
Nissan |
4.4 % |
5.8 % |
4.0 % |
Stellantis |
10.2 % |
12.3 % |
11.2 % |
Subaru |
4.5 % |
4.9 % |
4.1 % |
Tesla |
4.4 % |
2.3 % |
4.1 % |
Toyota |
14.8 % |
17.6 % |
15.7 % |
Volkswagen Group |
5.0 % |
4.2 % |
5.4 % |
95.2 % |
95.1 % |
96.0 % |
|
ATP |
|||||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
YOY |
MOM |
BMW |
$66,141 |
$61,036 |
$65,317 |
8.4 % |
1.3 % |
Daimler |
$67,226 |
$70,594 |
$65,661 |
-4.8 % |
2.4 % |
Ford |
$53,416 |
$50,793 |
$53,738 |
5.2 % |
-0.6 % |
GM |
$51,176 |
$48,381 |
$51,280 |
5.8 % |
-0.2 % |
Honda |
$38,494 |
$33,933 |
$38,814 |
13.4 % |
-0.8 % |
Hyundai |
$36,883 |
$34,698 |
$36,164 |
6.3 % |
2.0 % |
Kia |
$34,878 |
$30,696 |
$35,118 |
13.6 % |
-0.7 % |
Nissan |
$36,873 |
$33,233 |
$36,079 |
11.0 % |
2.2 % |
Stellantis |
$54,583 |
$49,116 |
$54,847 |
11.1 % |
-0.5 % |
Subaru |
$34,560 |
$33,961 |
$34,831 |
1.8 % |
-0.8 % |
Toyota |
$41,614 |
$37,674 |
$40,858 |
10.5 % |
1.9 % |
Volkswagen Group |
$44,683 |
$42,198 |
$45,246 |
5.9 % |
-1.2 % |
Industry |
$45,178 |
$40,969 |
$45,466 |
10.3 % |
-0.6 % |
$4,209 |
-$289 |
||||
Incentives |
|||||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
YOY |
MOM |
BMW |
$1,407 |
$4,284 |
$1,156 |
-67.2 % |
21.7 % |
Daimler |
$1,760 |
$3,625 |
$1,283 |
-51.5 % |
37.1 % |
Ford |
$836 |
$2,419 |
$1,042 |
-65.4 % |
-19.7 % |
GM |
$1,698 |
$3,344 |
$1,613 |
-49.2 % |
5.2 % |
Honda |
$844 |
$2,102 |
$679 |
-59.9 % |
24.3 % |
Hyundai |
$482 |
$1,667 |
$490 |
-71.1 % |
-1.6 % |
Kia |
$587 |
$2,472 |
$582 |
-76.3 % |
0.8 % |
Nissan |
$1,228 |
$2,337 |
$1,195 |
-47.5 % |
2.8 % |
Stellantis |
$2,501 |
$2,928 |
$1,949 |
-14.6 % |
28.3 % |
Subaru |
$648 |
$1,336 |
$763 |
-51.5 % |
-15.1 % |
Toyota |
$848 |
$2,013 |
$754 |
-57.9 % |
12.5 % |
Volkswagen Group |
$1,607 |
$2,912 |
$1,103 |
-44.8 % |
45.7 % |
Industry |
$1,197 |
$2,515 |
$1,100 |
-52.4 % |
8.8 % |
-$1,318 |
$96 |
||||
Incentives as % of ATP |
|||||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
YOY |
MOM |
BMW |
2.1 % |
7.0 % |
1.8 % |
-69.7 % |
20.2 % |
Daimler |
2.6 % |
5.1 % |
2.0 % |
-49.0 % |
34.0 % |
Ford |
1.6 % |
4.8 % |
1.9 % |
-67.1 % |
-19.2 % |
GM |
3.3 % |
6.9 % |
3.1 % |
-52.0 % |
5.5 % |
Honda |
2.2 % |
6.2 % |
1.7 % |
-64.6 % |
25.3 % |
Hyundai |
1.3 % |
4.8 % |
1.4 % |
-72.8 % |
-3.5 % |
Kia |
1.7 % |
8.1 % |
1.7 % |
-79.1 % |
1.5 % |
Nissan |
3.3 % |
7.0 % |
3.3 % |
-52.6 % |
0.6 % |
Stellantis |
4.6 % |
6.0 % |
3.6 % |
-23.2 % |
28.9 % |
Subaru |
1.9 % |
3.9 % |
2.2 % |
-52.3 % |
-14.4 % |
Toyota |
2.0 % |
5.3 % |
1.8 % |
-61.9 % |
10.5 % |
Volkswagen Group |
3.6 % |
6.9 % |
2.4 % |
-47.9 % |
47.5 % |
Industry |
2.6 % |
6.1 % |
2.4 % |
-56.9 % |
9.5 % |
Revenue |
|||||
Manufacturer |
Aug 2022 Forecast |
Aug 2021 Actual |
Jul 2022 Actual |
YOY |
MOM |
Industry |
$52,082,946,897 |
$44,874,053,166 |
$52,108,260,204 |
16.1 % |
0.0 % |
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
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