GM’s average transaction price in the first quarter reached $50,854, 14 percent more than a year earlier, according to Cox Automotive.
“Their strength in terms of sales came from their large SUVs, pickup trucks, and those also had strong ATPs,” Krebs said.
The Cadillac Escalade and Escalade ESV were GM’s most expensive models, selling for more than $108,000, according to Cox.
GM cut incentives to an average of $1,966 per vehicle, 59 percent lower year over year, Cox said.
GM Financial, the automaker’s captive lender, issued loans and leases to nearly half of retail customers who purchased new GM vehicles in the first quarter.
Most of those customers likely fall into prime credit tiers, because prime buyers make up nearly 70 percent of GM Financial’s portfolio.
GM has discouraged dealers from taking advantage of strong demand and low inventories by marking up prices.
The small number of dealers who have broken GM’s agreement on vehicle pricing will lose allocation, Barra said.
“For the most part, our dealers are respecting the MSRP,” she said. “I have actually had dealers send me letters committing to me that they’re doing that.”