TrueCar Releases Analysis of May Industry Sales
May sales on pace for 23 month high
SANTA MONICA, Calif., May 30, 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 1,388,602 units in May 2023, up nearly 20% from a year ago and up 6.5% from April 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 1,145,561 units, up almost 16% from a year ago and up 7% from April 2023.
"Sales are expected to be strong this month as we head into the summer, with growing incentives and inventory options drawing consumers back into the market," said Zack Krelle, Industry Analyst at TrueCar.
"The average transaction price for trucks is up the most this year as incentives for SUVs and cars climb faster. Incentives for SUVs are growing the most quickly which is greatly contributing to the high sales pace," said Justin Colon, Vice President of OEM Solutions at TrueCar.
Additional May Industry Insights (from TrueCar):
- Total sales for May 2023 are expected to be up nearly 20% from a year ago and up 6.5% from April 2023 when adjusted for the same number of selling days.
- Fleet sales for May 2023 are expected to be up almost 40% from a year ago and up 4% from April 2023 when adjusted for the same number of selling days.
- Average transaction price for new vehicles is projected to be up 2.7% from a year ago and about even with April 2023.
- Used vehicle sales for May 2023 are expected to reach about 3.1 million, down 4% from a year ago and up 1% from April 2023.
- The average interest rate on new vehicles is 7.1%, slightly higher than April 2023 and the average interest rate on used vehicles is 10.75%, about even with April 2023.
- The average loan term on a new vehicle for May 2023 is about 69 months and the average loan term on a used vehicle is about 70 months.
Total Unit Sales | |||||||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual | YoY % Change | YoY % Change | MoM % Change | MoM % Change |
BMW | 31,087 | 26,988 | 29,925 | 15.2 % | 10.6 % | 3.9 % | 8.0 % |
Daimler | 31,451 | 24,851 | 29,786 | 26.6 % | 21.5 % | 5.6 % | 9.8 % |
Ford | 179,977 | 153,434 | 182,623 | 17.3 % | 12.6 % | -1.4 % | 2.5 % |
GM | 234,596 | 177,856 | 227,329 | 31.9 % | 26.6 % | 3.2 % | 7.3 % |
Honda | 124,393 | 75,491 | 116,082 | 64.8 % | 58.2 % | 7.2 % | 11.4 % |
Hyundai | 75,752 | 63,832 | 76,669 | 18.7 % | 13.9 % | -1.2 % | 2.8 % |
Kia | 67,125 | 57,941 | 68,205 | 15.9 % | 11.2 % | -1.6 % | 2.4 % |
Nissan | 84,290 | 53,381 | 83,746 | 57.9 % | 51.6 % | 0.6 % | 4.7 % |
Stellantis | 148,938 | 130,987 | 137,019 | 13.7 % | 9.2 % | 8.7 % | 13.0 % |
Subaru | 52,554 | 42,526 | 51,014 | 23.6 % | 18.6 % | 3.0 % | 7.1 % |
Tesla | 56,835 | 47,706 | 55,865 | 19.1 % | 14.4 % | 1.7 % | 5.8 % |
Toyota | 186,666 | 176,772 | 185,988 | 5.6 % | 1.4 % | 0.4 % | 4.4 % |
Volkswagen Group | 51,858 | 46,397 | 50,591 | 11.8 % | 7.3 % | 2.5 % | 6.6 % |
Industry | 1,388,602 | 1,114,583 | 1,356,551 | 24.6 % | 19.6 % | 2.4 % | 6.5 % |
Retail Unit Sales | |||||||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual | YoY % Change | YoY % Change | MoM % Change | MoM % Change |
BMW | 28,336 | 25,915 | 28,202 | 9.3 % | 5.0 % | 0.5 % | 4.5 % |
Daimler | 29,606 | 23,309 | 28,351 | 27.0 % | 21.9 % | 4.4 % | 8.6 % |
Ford | 128,491 | 113,103 | 126,733 | 13.6 % | 9.1 % | 1.4 % | 5.4 % |
GM | 179,999 | 139,026 | 172,383 | 29.5 % | 24.3 % | 4.4 % | 8.6 % |
Honda | 120,654 | 71,143 | 113,789 | 69.6 % | 62.8 % | 6.0 % | 10.3 % |
Hyundai | 69,766 | 63,188 | 70,997 | 10.4 % | 6.0 % | -1.7 % | 2.2 % |
Kia | 60,484 | 54,484 | 60,677 | 11.0 % | 6.6 % | -0.3 % | 3.7 % |
Nissan | 61,525 | 43,630 | 61,095 | 41.0 % | 35.4 % | 0.7 % | 4.7 % |
Stellantis | 102,296 | 103,631 | 89,742 | -1.3 % | -5.2 % | 14.0 % | 18.5 % |
Subaru | 49,452 | 41,185 | 48,367 | 20.1 % | 15.3 % | 2.2 % | 6.3 % |
Tesla | 54,634 | 36,909 | 54,818 | 48.0 % | 42.1 % | -0.3 % | 3.6 % |
Toyota | 162,131 | 155,658 | 162,369 | 4.2 % | 0.0 % | -0.1 % | 3.8 % |
Volkswagen Group | 47,670 | 44,836 | 46,974 | 6.3 % | 2.1 % | 1.5 % | 5.5 % |
Industry | 1,145,561 | 949,271 | 1,113,487 | 20.7 % | 15.9 % | 2.9 % | 7.0 % |
Fleet Unit Sales | |||||||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual | YoY % Change | YoY % Change | MoM % Change | MoM % Change |
BMW | 2,751 | 1,073 | 1,723 | 156.3 % | 146.0 % | 59.7 % | 66.1 % |
Daimler | 1,845 | 1,542 | 1,435 | 19.6 % | 14.8 % | 28.6 % | 33.7 % |
Ford | 51,486 | 40,331 | 55,890 | 27.7 % | 22.6 % | -7.9 % | -4.2 % |
GM | 54,597 | 38,830 | 54,946 | 40.6 % | 35.0 % | -0.6 % | 3.3 % |
Honda | 3,739 | 4,348 | 2,293 | -14.0 % | -17.4 % | 63.1 % | 69.6 % |
Hyundai | 5,986 | 644 | 5,672 | 829.7 % | 792.5 % | 5.5 % | 9.8 % |
Kia | 6,641 | 3,457 | 7,528 | 92.1 % | 84.4 % | -11.8 % | -8.2 % |
Nissan | 22,765 | 9,751 | 22,651 | 133.5 % | 124.1 % | 0.5 % | 4.5 % |
Stellantis | 46,642 | 27,356 | 47,277 | 70.5 % | 63.7 % | -1.3 % | 2.6 % |
Subaru | 3,102 | 1,341 | 2,647 | 131.4 % | 122.1 % | 17.2 % | 21.9 % |
Tesla | 2,201 | 10,797 | 1,047 | -79.6 % | -80.4 % | 110.3 % | 118.7 % |
Toyota | 24,535 | 21,114 | 23,619 | 16.2 % | 11.6 % | 3.9 % | 8.0 % |
Volkswagen Group | 4,188 | 1,561 | 3,617 | 168.2 % | 157.5 % | 15.8 % | 20.4 % |
Industry | 239,075 | 165,114 | 239,522 | 44.8 % | 39.0 % | -0.2 % | 3.8 % |
Fleet Penetration | |||||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual | YoY % Change | MoM % Change |
BMW | 8.8 % | 4.0 % | 5.8 % | 122.5 % | 53.7 % |
Daimler | 5.9 % | 6.2 % | 4.8 % | -5.5 % | 21.8 % |
Ford | 28.6 % | 26.3 % | 30.6 % | 8.8 % | -6.5 % |
GM | 23.3 % | 21.8 % | 24.2 % | 6.6 % | -3.7 % |
Honda | 3.0 % | 5.8 % | 2.0 % | -47.8 % | 52.2 % |
Hyundai | 7.9 % | 1.0 % | 7.4 % | 683.4 % | 6.8 % |
Kia | 9.9 % | 6.0 % | 11.0 % | 65.8 % | -10.4 % |
Nissan | 27.0 % | 18.3 % | 27.0 % | 47.9 % | -0.1 % |
Stellantis | 31.3 % | 20.9 % | 34.5 % | 50.0 % | -9.2 % |
Subaru | 5.9 % | 3.2 % | 5.2 % | 87.2 % | 13.7 % |
Tesla | 3.9 % | 22.6 % | 1.9 % | -82.9 % | 106.7 % |
Toyota | 13.1 % | 11.9 % | 12.7 % | 10.0 % | 3.5 % |
Volkswagen Group | 8.1 % | 3.4 % | 7.2 % | 140.0 % | 12.9 % |
Industry | 17.2 % | 14.8 % | 17.7 % | 16.2 % | -2.5 % |
Total Market Share | |||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual |
BMW | 2.2 % | 2.4 % | 2.2 % |
Daimler | 2.3 % | 2.2 % | 2.2 % |
Ford | 13.0 % | 13.8 % | 13.5 % |
GM | 16.9 % | 16.0 % | 16.8 % |
Honda | 9.0 % | 6.8 % | 8.6 % |
Hyundai | 5.5 % | 5.7 % | 5.7 % |
Kia | 4.8 % | 5.2 % | 5.0 % |
Nissan | 6.1 % | 4.8 % | 6.2 % |
Stellantis | 10.7 % | 11.8 % | 10.1 % |
Subaru | 3.8 % | 3.8 % | 3.8 % |
Tesla | 4.1 % | 4.3 % | 4.1 % |
Toyota | 13.4 % | 15.9 % | 13.7 % |
Volkswagen Group | 3.7 % | 4.2 % | 3.7 % |
95.5 % | 96.7 % | 95.5 % | |
Retail Market Share | |||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual |
BMW | 2.5 % | 2.7 % | 2.5 % |
Daimler | 2.6 % | 2.5 % | 2.5 % |
Ford | 11.2 % | 11.9 % | 11.4 % |
GM | 15.7 % | 14.6 % | 15.5 % |
Honda | 10.5 % | 7.5 % | 10.2 % |
Hyundai | 6.1 % | 6.7 % | 6.4 % |
Kia | 5.3 % | 5.7 % | 5.4 % |
Nissan | 5.4 % | 4.6 % | 5.5 % |
Stellantis | 8.9 % | 10.9 % | 8.1 % |
Subaru | 4.3 % | 4.3 % | 4.3 % |
Tesla | 4.8 % | 3.9 % | 4.9 % |
Toyota | 14.2 % | 16.4 % | 14.6 % |
Volkswagen Group | 4.2 % | 4.7 % | 4.2 % |
95.6 % | 96.5 % | 95.6 % | |
ATP | |||||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual | YOY | MOM |
BMW | $70,162 | $64,688 | $69,289 | 8.5 % | 1.3 % |
Daimler | $74,718 | $64,698 | $78,504 | 15.5 % | -4.8 % |
Ford | $54,122 | $50,878 | $54,073 | 6.4 % | 0.1 % |
GM | $53,039 | $50,582 | $52,280 | 4.9 % | 1.5 % |
Honda | $37,793 | $38,045 | $37,801 | -0.7 % | 0.0 % |
Hyundai | $37,399 | $37,208 | $37,540 | 0.5 % | -0.4 % |
Kia | $35,064 | $35,043 | $34,232 | 0.1 % | 2.4 % |
Nissan | $36,729 | $36,349 | $36,506 | 1.0 % | 0.6 % |
Stellantis | $56,207 | $53,425 | $55,951 | 5.2 % | 0.5 % |
Subaru | $34,328 | $35,455 | $34,803 | -3.2 % | -1.4 % |
Toyota | $42,834 | $39,335 | $42,885 | 8.9 % | -0.1 % |
Volkswagen Group | $47,126 | $47,571 | $47,424 | -0.9 % | -0.6 % |
Industry | $45,779 | $44,565 | $45,486 | 2.7 % | 0.6 % |
$1,213 | $293 | ||||
Incentives | |||||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual | YOY | MOM |
BMW | $3,937 | $1,182 | $3,636 | 233.1 % | 8.3 % |
Daimler | $3,014 | $1,253 | $2,992 | 140.5 % | 0.7 % |
Ford | $2,270 | $1,037 | $1,800 | 119.0 % | 26.1 % |
GM | $2,255 | $1,725 | $1,959 | 30.7 % | 15.1 % |
Honda | $1,373 | $790 | $1,192 | 73.7 % | 15.1 % |
Hyundai | $1,597 | $551 | $1,427 | 190.1 % | 11.9 % |
Kia | $1,116 | $656 | $958 | 70.1 % | 16.5 % |
Nissan | $1,787 | $1,580 | $1,895 | 13.1 % | -5.7 % |
Stellantis | $3,359 | $1,894 | $2,848 | 77.4 % | 17.9 % |
Subaru | $1,090 | $756 | $939 | 44.1 % | 16.0 % |
Toyota | $832 | $787 | $808 | 5.8 % | 3.0 % |
Volkswagen Group | $2,827 | $1,137 | $2,600 | 148.5 % | 8.7 % |
Industry | $1,931 | $1,176 | $1,704 | 64.3 % | 13.3 % |
$756 | $227 | ||||
Incentives as % of ATP | |||||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual | YOY | MOM |
BMW | 5.6 % | 1.8 % | 5.2 % | 207.1 % | 6.9 % |
Daimler | 4.0 % | 1.9 % | 3.8 % | 108.3 % | 5.8 % |
Ford | 4.2 % | 2.0 % | 3.3 % | 105.8 % | 26.0 % |
GM | 4.3 % | 3.4 % | 3.7 % | 24.7 % | 13.5 % |
Honda | 3.6 % | 2.1 % | 3.2 % | 74.9 % | 15.2 % |
Hyundai | 4.3 % | 1.5 % | 3.8 % | 188.6 % | 12.3 % |
Kia | 3.2 % | 1.9 % | 2.8 % | 70.0 % | 13.7 % |
Nissan | 4.9 % | 4.3 % | 5.2 % | 11.9 % | -6.3 % |
Stellantis | 6.0 % | 3.5 % | 5.1 % | 68.6 % | 17.4 % |
Subaru | 3.2 % | 2.1 % | 2.7 % | 48.8 % | 17.6 % |
Toyota | 1.9 % | 2.0 % | 1.9 % | -2.9 % | 3.1 % |
Volkswagen Group | 6.0 % | 2.4 % | 5.5 % | 150.9 % | 9.4 % |
Industry | 4.2 % | 2.6 % | 3.7 % | 59.9 % | 12.6 % |
Revenue | |||||
Manufacturer | May 2023 Forecast | May 2022 Actual | Apr 2023 Actual | YOY | MOM |
Industry | $63,568,387,218 | $49,671,624,150 | $61,703,570,423 | 28.0 % | 3.0 % |
(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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SOURCE TrueCar.com
