GMC Average Transaction Price Rises 9 Percent In February 2023 – GM Authority

In February 2023, General Motors Co. (GMC) experienced a 9 percent surge in average transaction prices compared to the same month in the prior year, according to the automotive company’s latest report.

The report, which was released by GMC on Wednesday, indicated that the average price of a GMC vehicle increased to $45,000 in February 2023 – a significant increase from the $41,000 average price in February 2022.

The strong increase in average prices is due in part to GMC’s decision to focus on higher-end vehicles and discontinue production of lower-priced models. Additionally, the increasing popularity of premium features such as leather seats, sunroofs, and advanced driver assistance systems (ADAS) have also contributed to the uptick in prices.

GMC’s pricing strategy has paid off, as the company reported that its sales increased by 11 percent in February 2023 compared to the same month in the previous year. The growth was driven by the company’s full-size pickup trucks, which saw a 14 percent increase in sales.

GMC’s total market share also rose to 15.2 percent in February 2023, up from 14.1 percent in February 2022.

GMC’s increased average transaction prices and market share suggest that the company’s strategy of focusing on high-end vehicles and premium features is working.

“GMC’s performance in February 2023 shows that our focus on delivering premium products with advanced features is resonating with consumers,” said GMC President Mark Reuss. “We are pleased to see that our strategy is yielding positive results, and we look forward to continuing to provide our customers with the best possible products.”

The automotive company’s report also indicated that GMC’s average transaction prices are expected to continue to rise in the coming months as the company continues to focus on delivering premium products with advanced features.