For the second month in a row, average transaction prices undercut manufacturer's suggested retail prices, reversing a prior 20-month trend.
Only 16 models are now eligible for a full or partial tax credit, which will factor into the vehicle choices for private- and public-sector fleets as well as the vast American retail vehicle market.
Guaranteed cash-back money that any buyer qualifies for and is often the fodder of headline advertising has all but dried up.
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.
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.
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.
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%.
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.
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.
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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