Guaranteed cash-back money that any buyer qualifies for and is often the fodder of headline advertising has all but dried up.
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Through the 12-month period ending in June 2019, overall manufacturer incentive spend has declined, and the strength of fleet sales this year has been a big reason why.
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New vehicles sales in May grew by 4.8% on a year-over-year basis in May, while average incentive spend increased for the 38th month in a row.
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The numbers reveal a number of factories, including Ford, are targeting compact and midsize inventory. Ford offered the most generous discounts on vehicles in those segments.
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Transaction prices continue to rise at a slower pace, with October’s estimated average transaction price expected to rise by $101 from a year ago to $35,263, Kelley Blue Book (KBB) reported on Tuesday. Compared to September, the firm expects the average to increase by $128, or 0.4%.
Read More →GM Financial reported $202 million in net income in the first quarter of 2017, a 23% increase over the same time last year, despite pressure on used-car values, the company has announced.
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April retail sales are expected to reach 1.17 million thanks to record incentive spending. However, average days to turn continues to rise, with nearly 30% of vehicles sold so far in 2017 having sat on dealer lots more than 90 days.
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Southeast-region auctions are seeing a seasonal increase in values driven by tax-return-driven buying at dealer lots, but say the spring bump isn't as pronounced in 2017 in part due to the delay by the IRS to issue returns in late February.
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