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
(Daily Selling Rate)
|
MoM %
Change
|
MoM % Change
(Daily Selling Rate)
|
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
(Daily Selling Rate)
|
MoM %
Change
|
MoM % Change
(Daily Selling Rate)
|
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
(Daily Selling Rate)
|
MoM %
Change
|
MoM % Change
(Daily Selling Rate)
|
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.
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multimedia:https://www.prnewswire.com/news-releases/truecar-releases-analysis-of-april-industry-sales-301808700.html
SOURCE TrueCar.com