Car sales remain strong despite higher fuel
costs
SANTA
MONICA, Calif., April 27,
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 1,247,917 units in April 2022,
down 21% from a year ago and down 1% from March 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 14.8
million, down 19% from April 2021.
Excluding fleet sales, TrueCar expects U.S. retail
deliveries of new cars and light trucks to be 1,088,345 units, down
20% from a year ago and down 4% from March
2022.
"Despite higher fuel prices and the Fed increasing interest
rates, this month we are seeing car sales maintain a similar pace
as March," said Nick Woolard, Lead
Industry Analyst at TrueCar. "Consumers continue to signal strong
demand for vehicles with supply still being the contributing factor
to lower sales year-over-year. Individual vehicles such as the
Toyota Prius are showing signs of shifting demand for some
consumers. In the case of the Prius we are seeing demand up 10%
compared to last year in the first three weeks of April."
"Incentives continue their downward trend in April, again
notching their lowest levels since at least 2005. We expect Hyundai
to have the lowest incentive levels in April of the major brands at
just under $600 per unit on average.
As might be expected, the three brands with the lowest incentives,
Hyundai, Kia and Toyota are also the three brands that show the
highest levels of scarcity on TrueCar," said Valeri Tompkins, Senior Vice President of OEM
Solutions at TrueCar.
Additional Industry Insights (from TrueCar):
- Total sales for April 2022 are
expected to be down 21% from a year ago and down 1% from
March 2022 when adjusted for the same
number of selling days.
- Fleet sales for April 2022 are
expected to be down 24% from a year ago and up 19% from
March 2022 when adjusted for the same
number of selling days.
- Incentive spend is down 55% from last year.
- Average transaction price is projected to be up 15% from a year
ago and down 1% from March 2022.
- Total SAAR is expected to be down 19% from a year ago at 14.8
million units.
- Used vehicle sales for April 2022
are expected to reach 3.4 million, down 15% from a year ago and
down 5% from March 2022.
- The average interest rate on new vehicles is 4.8% compared to
March 2022 at 4.6% and the average
interest rate on used vehicles is 8%.
- The average loan term on a new vehicle for April 2022 is 70 months and the average loan term
on a used vehicle is about 71 months.
Total Unit
Sales
|
|
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
YoY %
Change
|
YoY % Change
(Daily Selling Rate)
|
MoM %
Change
|
MoM % Change
(Daily Selling Rate)
|
BMW
|
23,364
|
32,161
|
30,561
|
-27.4%
|
-30.0%
|
-23.5%
|
-23.5%
|
Daimler
|
27,943
|
24,754
|
28,764
|
12.9%
|
8.7%
|
-2.9%
|
-2.9%
|
Ford
|
183,341
|
197,063
|
158,500
|
-7.0%
|
-10.4%
|
15.7%
|
15.7%
|
GM
|
203,149
|
238,819
|
204,829
|
-14.9%
|
-18.1%
|
-0.8%
|
-0.8%
|
Honda
|
104,181
|
156,482
|
108,075
|
-33.4%
|
-35.9%
|
-3.6%
|
-3.6%
|
Hyundai
|
60,795
|
80,817
|
63,983
|
-24.8%
|
-27.6%
|
-5.0%
|
-5.0%
|
Kia
|
65,561
|
70,177
|
59,524
|
-6.6%
|
-10.0%
|
10.1%
|
10.1%
|
Nissan
|
77,180
|
99,132
|
79,665
|
-22.1%
|
-25.0%
|
-3.1%
|
-3.1%
|
Stellantis
|
145,226
|
166,012
|
143,376
|
-12.5%
|
-15.8%
|
1.3%
|
1.3%
|
Subaru
|
39,580
|
61,389
|
43,322
|
-35.5%
|
-37.9%
|
-8.6%
|
-8.6%
|
Tesla
|
45,898
|
16,600
|
47,953
|
176.5%
|
166.3%
|
-4.3%
|
-4.3%
|
Toyota
|
175,525
|
238,089
|
195,271
|
-26.3%
|
-29.0%
|
-10.1%
|
-10.1%
|
Volkswagen
Group
|
35,466
|
71,336
|
39,262
|
-50.3%
|
-52.1%
|
-9.7%
|
-9.7%
|
Industry
|
1,247,917
|
1,512,158
|
1,264,002
|
-17.5%
|
-20.5%
|
-1.3%
|
-1.3%
|
Retail Unit
Sales
|
|
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
YoY %
Change
|
YoY % Change
(Daily Selling Rate)
|
MoM %
Change
|
MoM % Change
(Daily Selling Rate)
|
BMW
|
22,799
|
30,842
|
30,031
|
-26.1%
|
-28.8%
|
-24.1%
|
-24.1%
|
Daimler
|
26,897
|
24,003
|
28,176
|
12.1%
|
7.9%
|
-4.5%
|
-4.5%
|
Ford
|
136,299
|
153,678
|
128,849
|
-11.3%
|
-14.6%
|
5.8%
|
5.8%
|
GM
|
165,025
|
210,003
|
177,840
|
-21.4%
|
-24.3%
|
-7.2%
|
-7.2%
|
Honda
|
103,153
|
153,287
|
107,623
|
-32.7%
|
-35.2%
|
-4.2%
|
-4.2%
|
Hyundai
|
60,690
|
70,734
|
63,307
|
-14.2%
|
-17.4%
|
-4.1%
|
-4.1%
|
Kia
|
61,469
|
58,173
|
57,310
|
5.7%
|
1.8%
|
7.3%
|
7.3%
|
Nissan
|
67,876
|
66,192
|
65,764
|
2.5%
|
-1.3%
|
3.2%
|
3.2%
|
Stellantis
|
115,206
|
143,540
|
119,112
|
-19.7%
|
-22.7%
|
-3.3%
|
-3.3%
|
Subaru
|
38,326
|
59,707
|
41,707
|
-35.8%
|
-38.2%
|
-8.1%
|
-8.1%
|
Tesla
|
45,873
|
16,600
|
47,937
|
176.3%
|
166.1%
|
-4.3%
|
-4.3%
|
Toyota
|
156,629
|
209,321
|
172,361
|
-25.2%
|
-27.9%
|
-9.1%
|
-9.1%
|
Volkswagen
Group
|
34,677
|
63,278
|
38,709
|
-45.2%
|
-47.2%
|
-10.4%
|
-10.4%
|
Industry
|
1,088,345
|
1,309,713
|
1,130,112
|
-16.9%
|
-20.0%
|
-3.7%
|
-3.7%
|
Fleet Unit
Sales
|
|
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
YoY %
Change
|
YoY % Change
(Daily Selling Rate)
|
MoM %
Change
|
MoM % Change
(Daily Selling Rate)
|
BMW
|
565
|
1,319
|
530
|
-57.2%
|
-58.8%
|
6.6%
|
6.6%
|
Daimler
|
1,046
|
751
|
588
|
39.3%
|
34.2%
|
77.8%
|
77.8%
|
Ford
|
47,042
|
43,385
|
29,651
|
8.4%
|
4.4%
|
58.7%
|
58.7%
|
GM
|
38,124
|
28,816
|
26,989
|
32.3%
|
27.4%
|
41.3%
|
41.3%
|
Honda
|
1,028
|
3,195
|
452
|
-67.8%
|
-69.0%
|
127.6%
|
127.6%
|
Hyundai
|
105
|
10,083
|
676
|
-99.0%
|
-99.0%
|
-84.5%
|
-84.5%
|
Kia
|
4,092
|
12,004
|
2,214
|
-65.9%
|
-67.2%
|
84.8%
|
84.8%
|
Nissan
|
9,304
|
32,940
|
13,901
|
-71.8%
|
-72.8%
|
-33.1%
|
-33.1%
|
Stellantis
|
30,020
|
22,472
|
24,264
|
33.6%
|
28.6%
|
23.7%
|
23.7%
|
Subaru
|
1,254
|
1,682
|
1,615
|
-25.5%
|
-28.2%
|
-22.4%
|
-22.4%
|
Tesla
|
25
|
-
|
16
|
|
|
52.9%
|
52.9%
|
Toyota
|
18,896
|
28,768
|
22,910
|
-34.3%
|
-36.7%
|
-17.5%
|
-17.5%
|
Volkswagen
Group
|
789
|
8,058
|
553
|
-90.2%
|
-90.6%
|
42.5%
|
42.5%
|
Industry
|
159,572
|
202,445
|
133,890
|
-21.2%
|
-24.1%
|
19.2%
|
19.2%
|
Fleet
Penetration
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
YoY %
Change
|
MoM %
Change
|
BMW
|
2.4%
|
4.1%
|
1.7%
|
-41.0%
|
39.4%
|
Daimler
|
3.7%
|
3.0%
|
2.0%
|
23.4%
|
83.0%
|
Ford
|
25.7%
|
22.0%
|
18.7%
|
16.5%
|
37.2%
|
GM
|
18.8%
|
12.1%
|
13.2%
|
55.5%
|
42.4%
|
Honda
|
1.0%
|
2.0%
|
0.4%
|
-51.7%
|
136.1%
|
Hyundai
|
0.2%
|
12.5%
|
1.1%
|
-98.6%
|
-83.6%
|
Kia
|
6.2%
|
17.1%
|
3.7%
|
-63.5%
|
67.8%
|
Nissan
|
12.1%
|
33.2%
|
17.4%
|
-63.7%
|
-30.9%
|
Stellantis
|
20.7%
|
13.5%
|
16.9%
|
52.7%
|
22.1%
|
Subaru
|
3.2%
|
2.7%
|
3.7%
|
15.6%
|
-15.0%
|
Tesla
|
0.1%
|
0.0%
|
0.0%
|
|
59.8%
|
Toyota
|
10.8%
|
12.1%
|
11.7%
|
-10.9%
|
-8.2%
|
Volkswagen
Group
|
2.2%
|
11.3%
|
1.4%
|
-80.3%
|
57.8%
|
Industry
|
12.8%
|
13.4%
|
10.6%
|
-4.5%
|
20.7%
|
Total Market
Share
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
BMW
|
1.9%
|
2.1%
|
2.4%
|
Daimler
|
2.2%
|
1.6%
|
2.3%
|
Ford
|
14.7%
|
13.0%
|
12.5%
|
GM
|
16.3%
|
15.8%
|
16.2%
|
Honda
|
8.3%
|
10.3%
|
8.6%
|
Hyundai
|
4.9%
|
5.3%
|
5.1%
|
Kia
|
5.3%
|
4.6%
|
4.7%
|
Nissan
|
6.2%
|
6.6%
|
6.3%
|
Stellantis
|
11.6%
|
11.0%
|
11.3%
|
Subaru
|
3.2%
|
4.1%
|
3.4%
|
Tesla
|
3.7%
|
1.1%
|
3.8%
|
Toyota
|
14.1%
|
15.7%
|
15.4%
|
Volkswagen
Group
|
2.8%
|
4.7%
|
3.1%
|
|
95.1%
|
96.1%
|
95.2%
|
Retail Market
Share
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
BMW
|
2.1%
|
2.4%
|
2.7%
|
Daimler
|
2.5%
|
1.8%
|
2.5%
|
Ford
|
12.5%
|
11.7%
|
11.4%
|
GM
|
15.2%
|
16.0%
|
15.7%
|
Honda
|
9.5%
|
11.7%
|
9.5%
|
Hyundai
|
5.6%
|
5.4%
|
5.6%
|
Kia
|
5.6%
|
4.4%
|
5.1%
|
Nissan
|
6.2%
|
5.1%
|
5.8%
|
Stellantis
|
10.6%
|
11.0%
|
10.5%
|
Subaru
|
3.5%
|
4.6%
|
3.7%
|
Tesla
|
4.2%
|
1.3%
|
4.2%
|
Toyota
|
14.4%
|
16.0%
|
15.3%
|
Volkswagen
Group
|
3.2%
|
4.8%
|
3.4%
|
|
95.1%
|
96.2%
|
95.5%
|
ATP
|
|
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
YOY
|
MOM
|
BMW
|
$66,898
|
$59,581
|
$65,857
|
12.3%
|
1.6%
|
Daimler
|
$69,018
|
$62,462
|
$71,192
|
10.5%
|
-3.1%
|
Ford
|
$48,824
|
$44,413
|
$46,998
|
9.9%
|
3.9%
|
GM
|
$50,292
|
$44,930
|
$49,911
|
11.9%
|
0.8%
|
Honda
|
$36,888
|
$31,999
|
$37,829
|
15.3%
|
-2.5%
|
Hyundai
|
$37,137
|
$30,583
|
$36,774
|
21.4%
|
1.0%
|
Kia
|
$34,530
|
$29,816
|
$34,455
|
15.8%
|
0.2%
|
Nissan
|
$35,739
|
$29,966
|
$34,393
|
19.3%
|
3.9%
|
Stellantis
|
$54,410
|
$45,940
|
$53,435
|
18.4%
|
1.8%
|
Subaru
|
$34,775
|
$31,213
|
$34,472
|
11.4%
|
0.9%
|
Toyota
|
$40,102
|
$35,438
|
$40,609
|
13.2%
|
-1.2%
|
Volkswagen
Group
|
$44,233
|
$40,980
|
$43,526
|
7.9%
|
1.6%
|
Industry
|
$43,755
|
$38,163
|
$43,171
|
14.7%
|
1.4%
|
|
$5,592
|
|
$584
|
|
|
Incentives
|
|
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
YOY
|
MOM
|
BMW
|
$1,702
|
$4,872
|
$1,823
|
-65.1%
|
-6.6%
|
Daimler
|
$1,895
|
$3,799
|
$1,760
|
-50.1%
|
7.6%
|
Ford
|
$1,523
|
$2,919
|
$1,607
|
-47.8%
|
-5.2%
|
GM
|
$2,046
|
$4,641
|
$1,927
|
-55.9%
|
6.2%
|
Honda
|
$1,133
|
$2,285
|
$1,098
|
-50.4%
|
3.2%
|
Hyundai
|
$597
|
$2,440
|
$645
|
-75.5%
|
-7.4%
|
Kia
|
$834
|
$2,570
|
$890
|
-67.5%
|
-6.2%
|
Nissan
|
$1,695
|
$3,781
|
$1,772
|
-55.2%
|
-4.4%
|
Stellantis
|
$2,336
|
$3,841
|
$2,212
|
-39.2%
|
5.6%
|
Subaru
|
$922
|
$1,328
|
$873
|
-30.6%
|
5.6%
|
Toyota
|
$855
|
$2,516
|
$905
|
-66.0%
|
-5.6%
|
Volkswagen
Group
|
$1,510
|
$3,924
|
$1,528
|
-61.5%
|
-1.2%
|
Industry
|
$1,466
|
$3,234
|
$1,472
|
-54.7%
|
-0.4%
|
|
-$1,767
|
|
-$6
|
|
|
Incentives as % of
ATP
|
|
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
YOY
|
MOM
|
BMW
|
2.5%
|
8.2%
|
2.8%
|
-68.9%
|
-8.1%
|
Daimler
|
2.7%
|
6.1%
|
2.5%
|
-54.9%
|
11.0%
|
Ford
|
3.1%
|
6.6%
|
3.4%
|
-52.5%
|
-8.8%
|
GM
|
4.1%
|
10.3%
|
3.9%
|
-60.6%
|
5.4%
|
Honda
|
3.1%
|
7.1%
|
2.9%
|
-57.0%
|
5.9%
|
Hyundai
|
1.6%
|
8.0%
|
1.8%
|
-79.9%
|
-8.4%
|
Kia
|
2.4%
|
8.6%
|
2.6%
|
-72.0%
|
-6.4%
|
Nissan
|
4.7%
|
12.6%
|
5.2%
|
-62.4%
|
-8.0%
|
Stellantis
|
4.3%
|
8.4%
|
4.1%
|
-48.6%
|
3.8%
|
Subaru
|
2.7%
|
4.3%
|
2.5%
|
-37.7%
|
4.7%
|
Toyota
|
2.1%
|
7.1%
|
2.2%
|
-70.0%
|
-4.4%
|
Volkswagen
Group
|
3.4%
|
9.6%
|
3.5%
|
-64.4%
|
-2.7%
|
Industry
|
3.4%
|
8.5%
|
3.4%
|
-60.4%
|
-1.7%
|
Revenue
|
|
|
Manufacturer
|
Apr 2022
Forecast
|
Apr 2021
Actual
|
Mar 2022
Actual
|
YOY
|
MOM
|
Industry
|
$54,602,883,710
|
$57,708,738,181
|
$54,568,664,490
|
-5.4%
|
0.1%
|
(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 enables
auto buyers to connect to our nationwide network of Certified
Dealers. We are building the industry's most personalized and
efficient auto buying experience as we seek to bring more of the
purchasing process online. Consumers who visit our marketplace will
find a suite of vehicle discovery tools, price ratings, and market
context on new and used cars – all with a clear view of what's a
great deal. When they are ready, TrueCar will enable them to
connect with a local Certified Dealer who shares in our belief that
truth, transparency, and fairness are the foundation of a great
auto buying 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. TrueCar
is headquartered in Santa Monica,
California, with an office in Austin, Texas.
For more information, please visit www.truecar.com, and
follow us on Facebook or Twitter.
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multimedia:https://www.prnewswire.com/news-releases/truecar-releases-analysis-of-april-industry-sales-301534199.html
SOURCE TrueCar.com