Electric vehicle leases spike in response to
government tax credits
SANTA
MONICA, Calif., Feb. 24,
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 1,117,400 units in February 2023,
up 5.6% from a year ago and up 4.8% from January 2023, 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 14.5
million, down 3.8% from February
2022. Excluding fleet sales, TrueCar expects U.S.
retail deliveries of new cars and light trucks to be 928,386 units,
up 1% from a year ago and up almost 3% from January 2023.
![Leases as a Share of New Vehicle Purchases Leases as a Share of New Vehicle Purchases](https://mma.prnewswire.com/media/2009176/TrueCar.jpg)
"Consumers and manufacturers alike are employing
strategies to address affordability challenges," said
Zack Krelle, Industry Analyst at
TrueCar. "Fleet sales are boosting volume and manufacturers are
intensifying their incentive spend to offset ballooning
interest rates and lingering higher prices. Many consumers are
considering a used alternative or front-loading their purchase with
higher down payments to reduce outstanding interest."
"Over the last month we've seen OEMs respond to Tesla's steep
price reductions by increasing traditional incentives, keeping in
line with how OEMs typically act to promote vehicles and increase
demand," said Justin Colon, Vice
President of OEM Solutions at TrueCar. "We're also seeing an abrupt
surge in electric vehicle leases for vehicles and consumers that
had previously been excluded from tax credit eligibility."
Additional February Industry Insights (from TrueCar):
- Total sales for February 2023 are
expected to be up 5.6% from a year ago and up 4.8% from
January 2023 when adjusted for the
same number of selling days.
- Fleet sales for February 2023 are
expected to be up 33% from a year ago and up 16% from January 2023 when adjusted for the same number of
selling days.
- Average transaction price for new vehicles is projected to be
up 5% from a year ago and about even with January 2023.
- Total SAAR is expected to be down 3.8% from a year ago at about
14.5 million units.
- Used vehicle sales for February
2023 are expected to reach 2.8 million, down 8% from a year
ago and up 5% from January 2023.
- The average interest rate on new vehicles is 6.9% compared to
January 2023 at 7% and the average
interest rate on used vehicles is 10.5%.
- The average loan term on a new vehicle for February 2023 is 69 months and the average loan
term on a used vehicle is about 70 months.
Total Unit
Sales
|
|
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
YoY %
Change
|
YoY % Change
(Daily Selling Rate)
|
MoM %
Change
|
MoM % Change
(Daily Selling Rate)
|
BMW
|
24,611
|
26,074
|
25,571
|
-5.6 %
|
-5.6 %
|
-3.8 %
|
-3.8 %
|
Daimler
|
21,874
|
19,237
|
23,560
|
13.7 %
|
13.7 %
|
-7.2 %
|
-7.2 %
|
Ford
|
162,296
|
128,229
|
145,070
|
26.6 %
|
26.6 %
|
11.9 %
|
11.9 %
|
GM
|
184,632
|
161,705
|
183,090
|
14.2 %
|
14.2 %
|
0.8 %
|
0.8 %
|
Honda
|
87,526
|
84,394
|
84,514
|
3.7 %
|
3.7 %
|
3.6 %
|
3.6 %
|
Hyundai
|
59,997
|
55,906
|
55,906
|
7.3 %
|
7.3 %
|
7.3 %
|
7.3 %
|
Kia
|
56,142
|
49,182
|
51,983
|
14.2 %
|
14.2 %
|
8.0 %
|
8.0 %
|
Nissan
|
63,622
|
61,674
|
60,251
|
3.2 %
|
3.2 %
|
5.6 %
|
5.6 %
|
Stellantis
|
111,261
|
136,580
|
108,538
|
-18.5 %
|
-18.5 %
|
2.5 %
|
2.5 %
|
Subaru
|
44,877
|
44,866
|
44,373
|
0.0 %
|
0.0 %
|
1.1 %
|
1.1 %
|
Tesla
|
51,478
|
42,742
|
53,875
|
20.4 %
|
20.4 %
|
-4.4 %
|
-4.4 %
|
Toyota
|
154,961
|
160,645
|
136,759
|
-3.5 %
|
-3.5 %
|
13.3 %
|
13.3 %
|
Volkswagen
Group
|
44,912
|
36,355
|
44,086
|
23.5 %
|
23.5 %
|
1.9 %
|
1.9 %
|
Industry
|
1,117,400
|
1,058,243
|
1,065,720
|
5.6 %
|
5.6 %
|
4.8 %
|
4.8 %
|
Retail Unit
Sales
|
|
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
YoY %
Change
|
YoY % Change
(Daily Selling Rate)
|
MoM %
Change
|
MoM % Change
(Daily Selling Rate)
|
BMW
|
22,155
|
25,575
|
23,917
|
-13.4 %
|
-13.4 %
|
-7.4 %
|
-7.4 %
|
Daimler
|
19,520
|
18,355
|
22,304
|
6.3 %
|
6.3 %
|
-12.5 %
|
-12.5 %
|
Ford
|
116,666
|
95,896
|
102,232
|
21.7 %
|
21.7 %
|
14.1 %
|
14.1 %
|
GM
|
139,763
|
129,069
|
151,662
|
8.3 %
|
8.3 %
|
-7.8 %
|
-7.8 %
|
Honda
|
85,921
|
81,318
|
83,130
|
5.7 %
|
5.7 %
|
3.4 %
|
3.4 %
|
Hyundai
|
56,284
|
55,344
|
48,421
|
1.7 %
|
1.7 %
|
16.2 %
|
16.2 %
|
Kia
|
52,968
|
44,264
|
48,580
|
19.7 %
|
19.7 %
|
9.0 %
|
9.0 %
|
Nissan
|
54,975
|
49,519
|
50,111
|
11.0 %
|
11.0 %
|
9.7 %
|
9.7 %
|
Stellantis
|
73,159
|
108,737
|
76,215
|
-32.7 %
|
-32.7 %
|
-4.0 %
|
-4.0 %
|
Subaru
|
43,419
|
43,459
|
42,123
|
-0.1 %
|
-0.1 %
|
3.1 %
|
3.1 %
|
Tesla
|
45,066
|
42,291
|
46,960
|
6.6 %
|
6.6 %
|
-4.0 %
|
-4.0 %
|
Toyota
|
137,684
|
143,332
|
126,423
|
-3.9 %
|
-3.9 %
|
8.9 %
|
8.9 %
|
Volkswagen
Group
|
39,257
|
35,270
|
40,939
|
11.3 %
|
11.3 %
|
-4.1 %
|
-4.1 %
|
Industry
|
928,386
|
918,918
|
903,204
|
1.0 %
|
1.0 %
|
2.8 %
|
2.8 %
|
Fleet Unit
Sales
|
|
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
YoY %
Change
|
YoY % Change
(Daily Selling Rate)
|
MoM %
Change
|
MoM % Change
(Daily Selling Rate)
|
BMW
|
2,456
|
499
|
1,654
|
391.9 %
|
391.9 %
|
48.5 %
|
48.5 %
|
Daimler
|
2,354
|
882
|
1,256
|
167.0 %
|
167.0 %
|
87.5 %
|
87.5 %
|
Ford
|
45,630
|
32,333
|
42,838
|
41.1 %
|
41.1 %
|
6.5 %
|
6.5 %
|
GM
|
44,869
|
32,636
|
31,428
|
37.5 %
|
37.5 %
|
42.8 %
|
42.8 %
|
Honda
|
1,605
|
3,076
|
1,384
|
-47.8 %
|
-47.8 %
|
15.9 %
|
15.9 %
|
Hyundai
|
3,713
|
562
|
7,485
|
561.2 %
|
561.2 %
|
-50.4 %
|
-50.4 %
|
Kia
|
3,174
|
4,918
|
3,403
|
-35.5 %
|
-35.5 %
|
-6.7 %
|
-6.7 %
|
Nissan
|
8,647
|
12,155
|
10,140
|
-28.9 %
|
-28.9 %
|
-14.7 %
|
-14.7 %
|
Stellantis
|
38,102
|
27,843
|
32,323
|
36.8 %
|
36.8 %
|
17.9 %
|
17.9 %
|
Subaru
|
1,458
|
1,407
|
2,250
|
3.6 %
|
3.6 %
|
-35.2 %
|
-35.2 %
|
Tesla
|
6,412
|
451
|
6,915
|
1320.6 %
|
1320.6 %
|
-7.3 %
|
-7.3 %
|
Toyota
|
17,277
|
17,313
|
10,336
|
-0.2 %
|
-0.2 %
|
67.1 %
|
67.1 %
|
Volkswagen
Group
|
5,655
|
1,085
|
3,147
|
421.4 %
|
421.4 %
|
79.7 %
|
79.7 %
|
Industry
|
185,048
|
139,127
|
158,974
|
33.0 %
|
33.0 %
|
16.4 %
|
16.4 %
|
Fleet
Penetration
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
YoY %
Change
|
MoM %
Change
|
BMW
|
10.0 %
|
1.9 %
|
6.5 %
|
421.1 %
|
54.3 %
|
Daimler
|
10.8 %
|
4.6 %
|
5.3 %
|
134.8 %
|
101.9 %
|
Ford
|
28.1 %
|
25.2 %
|
29.5 %
|
11.5 %
|
-4.8 %
|
GM
|
24.3 %
|
20.2 %
|
17.2 %
|
20.4 %
|
41.6 %
|
Honda
|
1.8 %
|
3.6 %
|
1.6 %
|
-49.7 %
|
12.0 %
|
Hyundai
|
6.2 %
|
1.0 %
|
13.4 %
|
516.1 %
|
-53.8 %
|
Kia
|
5.7 %
|
10.0 %
|
6.5 %
|
-43.5 %
|
-13.6 %
|
Nissan
|
13.6 %
|
19.7 %
|
16.8 %
|
-31.0 %
|
-19.2 %
|
Stellantis
|
34.2 %
|
20.4 %
|
29.8 %
|
68.0 %
|
15.0 %
|
Subaru
|
3.2 %
|
3.1 %
|
5.1 %
|
3.6 %
|
-35.9 %
|
Tesla
|
12.5 %
|
1.1 %
|
12.8 %
|
1079.5 %
|
-3.0 %
|
Toyota
|
11.1 %
|
10.8 %
|
7.6 %
|
3.5 %
|
47.5 %
|
Volkswagen
Group
|
12.6 %
|
3.0 %
|
7.1 %
|
322.0 %
|
76.4 %
|
Industry
|
16.6 %
|
13.1 %
|
14.9 %
|
26.0 %
|
11.0 %
|
Total Market
Share
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
BMW
|
2.2 %
|
2.5 %
|
2.4 %
|
Daimler
|
2.0 %
|
1.8 %
|
2.2 %
|
Ford
|
14.5 %
|
12.1 %
|
13.6 %
|
GM
|
16.5 %
|
15.3 %
|
17.2 %
|
Honda
|
7.8 %
|
8.0 %
|
7.9 %
|
Hyundai
|
5.4 %
|
5.3 %
|
5.2 %
|
Kia
|
5.0 %
|
4.6 %
|
4.9 %
|
Nissan
|
5.7 %
|
5.8 %
|
5.7 %
|
Stellantis
|
10.0 %
|
12.9 %
|
10.2 %
|
Subaru
|
4.0 %
|
4.2 %
|
4.2 %
|
Tesla
|
4.6 %
|
4.0 %
|
5.1 %
|
Toyota
|
13.9 %
|
15.2 %
|
12.8 %
|
Volkswagen
Group
|
4.0 %
|
3.4 %
|
4.1 %
|
|
95.6 %
|
95.2 %
|
95.5 %
|
Retail Market
Share
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
BMW
|
2.4 %
|
2.8 %
|
2.6 %
|
Daimler
|
2.1 %
|
2.0 %
|
2.5 %
|
Ford
|
12.6 %
|
10.4 %
|
11.3 %
|
GM
|
15.1 %
|
14.0 %
|
16.8 %
|
Honda
|
9.3 %
|
8.8 %
|
9.2 %
|
Hyundai
|
6.1 %
|
6.0 %
|
5.4 %
|
Kia
|
5.7 %
|
4.8 %
|
5.4 %
|
Nissan
|
5.9 %
|
5.4 %
|
5.5 %
|
Stellantis
|
7.9 %
|
11.8 %
|
8.4 %
|
Subaru
|
4.7 %
|
4.7 %
|
4.7 %
|
Tesla
|
4.9 %
|
4.6 %
|
5.2 %
|
Toyota
|
14.8 %
|
15.6 %
|
14.0 %
|
Volkswagen
Group
|
4.2 %
|
3.8 %
|
4.5 %
|
|
95.5 %
|
94.9 %
|
95.6 %
|
ATP
|
|
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
YOY
|
MOM
|
BMW
|
$69,154
|
$62,124
|
$68,588
|
11.3 %
|
0.8 %
|
Daimler
|
$77,646
|
$74,332
|
$77,908
|
4.5 %
|
-0.3 %
|
Ford
|
$54,790
|
$48,605
|
$55,288
|
12.7 %
|
-0.9 %
|
GM
|
$51,523
|
$51,406
|
$51,789
|
0.2 %
|
-0.5 %
|
Honda
|
$37,841
|
$37,270
|
$37,080
|
1.5 %
|
2.1 %
|
Hyundai
|
$37,830
|
$37,550
|
$37,393
|
0.7 %
|
1.2 %
|
Kia
|
$34,631
|
$34,475
|
$34,324
|
0.5 %
|
0.9 %
|
Nissan
|
$38,779
|
$33,794
|
$37,671
|
14.8 %
|
2.9 %
|
Stellantis
|
$55,580
|
$52,848
|
$55,172
|
5.2 %
|
0.7 %
|
Subaru
|
$33,950
|
$34,202
|
$34,879
|
-0.7 %
|
-2.7 %
|
Toyota
|
$42,711
|
$40,902
|
$41,895
|
4.4 %
|
1.9 %
|
Volkswagen
Group
|
$48,536
|
$47,916
|
$49,193
|
1.3 %
|
-1.3 %
|
Industry
|
$45,645
|
$43,382
|
$45,576
|
5.2 %
|
0.2 %
|
|
$2,263
|
|
$69
|
|
|
Incentives
|
|
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
YOY
|
MOM
|
BMW
|
$2,376
|
$2,582
|
$2,571
|
-7.9 %
|
-7.6 %
|
Daimler
|
$2,044
|
$2,243
|
$1,842
|
-8.9 %
|
11.0 %
|
Ford
|
$1,283
|
$1,737
|
$1,121
|
-26.2 %
|
14.4 %
|
GM
|
$1,887
|
$1,963
|
$1,964
|
-3.8 %
|
-3.9 %
|
Honda
|
$1,189
|
$1,159
|
$1,335
|
2.7 %
|
-10.9 %
|
Hyundai
|
$875
|
$950
|
$856
|
-7.9 %
|
2.2 %
|
Kia
|
$684
|
$1,239
|
$688
|
-44.8 %
|
-0.5 %
|
Nissan
|
$1,994
|
$1,789
|
$1,855
|
11.5 %
|
7.5 %
|
Stellantis
|
$2,246
|
$2,570
|
$2,046
|
-12.6 %
|
9.7 %
|
Subaru
|
$983
|
$856
|
$917
|
14.8 %
|
7.2 %
|
Toyota
|
$676
|
$1,058
|
$683
|
-36.1 %
|
-1.0 %
|
Volkswagen
Group
|
$1,969
|
$1,874
|
$1,843
|
5.0 %
|
6.8 %
|
Industry
|
$1,522
|
$1,657
|
$1,396
|
-8.1 %
|
9.0 %
|
|
-$135
|
|
$126
|
|
|
Incentives as % of
ATP
|
|
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
YOY
|
MOM
|
BMW
|
3.4 %
|
4.2 %
|
3.7 %
|
-17.3 %
|
-8.3 %
|
Daimler
|
2.6 %
|
3.0 %
|
2.4 %
|
-12.8 %
|
11.3 %
|
Ford
|
2.3 %
|
3.6 %
|
2.0 %
|
-34.5 %
|
15.4 %
|
GM
|
3.7 %
|
3.8 %
|
3.8 %
|
-4.1 %
|
-3.4 %
|
Honda
|
3.1 %
|
3.1 %
|
3.6 %
|
1.1 %
|
-12.7 %
|
Hyundai
|
2.3 %
|
2.5 %
|
2.3 %
|
-8.5 %
|
1.0 %
|
Kia
|
2.0 %
|
3.6 %
|
2.0 %
|
-45.0 %
|
-1.4 %
|
Nissan
|
5.1 %
|
5.3 %
|
4.9 %
|
-2.9 %
|
4.4 %
|
Stellantis
|
4.0 %
|
4.9 %
|
3.7 %
|
-16.9 %
|
8.9 %
|
Subaru
|
2.9 %
|
2.5 %
|
2.6 %
|
15.7 %
|
10.1 %
|
Toyota
|
1.6 %
|
2.6 %
|
1.6 %
|
-38.8 %
|
-2.9 %
|
Volkswagen
Group
|
4.1 %
|
3.9 %
|
3.7 %
|
3.7 %
|
8.3 %
|
Industry
|
3.3 %
|
3.8 %
|
3.1 %
|
-12.7 %
|
8.9 %
|
Revenue
|
|
|
Manufacturer
|
Feb 2023
Forecast
|
Feb 2022
Actual
|
Jan 2023
Actual
|
YOY
|
MOM
|
Industry
|
$51,003,836,774
|
$45,908,429,294
|
$48,570,898,969
|
11.1 %
|
5.0 %
|
(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.
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multimedia:https://www.prnewswire.com/news-releases/truecar-releases-analysis-of-february-industry-sales-301755221.html
SOURCE TrueCar.com