29.06.2022 15:00:00

TrueCar Releases Analysis of June and 2022 Second Quarter Industry Sales

Electric vehicles remain popular amid rising fuel costs while increasing interest rates pose a challenge to affordability

SANTA MONICA, Calif., June 29, 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 1,166,569 units in June 2022, down 14% from a year ago and down 3% from May 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 13 million, down 13% from June 2021. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 1,023,466 units, down 15% from a year ago and down 5% from May 2022.

New Car Inventory

"As we head into the July fourth weekend, inventory across the industry remains at or near the constrained levels we've been seeing throughout 2022, although demand for vehicles remains strong," said Nick Woolard, Lead Industry Analyst at TrueCar. "We continue to see rapid growth in demand for new electric vehicles amid soaring fuel prices, with that segment's mix of leads up over 100% from last June. This remains one of the areas in particular that is seeing limited inventory."

"With interest rates rising, consumers who are entering the market for a vehicle for the first time in a while might see rates very different from the ones they saw in 2018 or 2019," said Justin Colon, Vice President of OEM Solutions at TrueCar. "We're seeing consumers opting for longer loan terms to offset the impact of rising APRs. Specifically, there has been a 30% increase in the mix of loan terms of 84 months or more from last year."

Additional Industry Insights (from TrueCar):

  • Total sales for June 2022 are expected to be down 14% from a year ago and down 3% from May 2022 when adjusted for the same number of selling days.
  • Fleet sales for June 2022 are expected to be down 8% from a year ago and up 14% from May 2022 when adjusted for the same number of selling days.
  • Incentive spend is down 57% from last year.
  • Average transaction price is projected to be up 13% from a year ago and up 2% from May 2022.
  • Total SAAR is expected to be down 13% from a year ago at 13 million units.
  • Used vehicle sales for June 2022 are expected to reach 2.9 million, down 16% from a year ago and down 13% from May 2022.
  • The average interest rate on new vehicles is 5.2% compared to May 2022 at 5.1% and the average interest rate on used vehicles is 8%.
  • The average loan term on a new vehicle for June 2022 is about 71 months and the average loan term on a used vehicle is also about 71 months, both up about one month since last June.
  • Quarterly average transaction price is projected to be up 15% from a year ago and up 2% from Q1 2022.
  • Quarterly incentive spend is down 59% from Q2 2021.

 

Total Unit Sales



Manufacturer

Jun 2022
Forecast

Jun 2021
Actual

May 2022
Actual

YoY %
Change

YoY % Change
(Daily Selling Rate)

MoM %
Change

MoM % Change    
(DailySelling Rate)

BMW

33,805

34,872

26,988

-3.1 %

-6.8 %

25.3 %

15.6 %

Daimler

28,239

24,347

24,851

16.0 %

11.5 %

13.6 %

4.9 %

Ford

155,514

114,677

153,434

35.6 %

30.4 %

1.4 %

-6.4 %

GM

196,923

204,782

177,856

-3.8 %

-7.5 %

10.7 %

2.2 %

Honda

79,196

153,122

75,491

-48.3 %

-50.3 %

4.9 %

-3.2 %

Hyundai

67,812

76,519

63,832

-11.4 %

-14.8 %

6.2 %

-1.9 %

Kia

66,632

68,486

57,941

-2.7 %

-6.4 %

15.0 %

6.2 %

Nissan

52,298

88,642

53,381

-41.0 %

-43.3 %

-2.0 %

-9.6 %

Stellantis

132,928

136,334

130,987

-2.5 %

-6.2 %

1.5 %

-6.3 %

Subaru

47,620

42,877

42,526

11.1 %

6.8 %

12.0 %

3.4 %

Tesla

46,012

22,869

47,706

101.2 %

93.5 %

-3.6 %

-11.0 %

Toyota

172,540

209,721

176,772

-17.7 %

-20.9 %

-2.4 %

-9.9 %

Volkswagen Group

54,578

61,251

46,397

-10.9 %

-14.3 %

17.6 %

8.6 %

Industry

1,166,569

1,300,873

1,114,285

-10.3 %

-13.8 %

4.7 %

-3.4 %



Retail Unit Sales



Manufacturer

Jun 2022
Forecast

Jun 2021
Actual

May 2022
Actual

YoY %
Change

YoY % Change
(Daily Selling Rate)

MoM %
Change

MoM % Change
(Daily Selling Rate)

BMW

33,240

33,334

26,514

-0.3 %

-4.1 %

25.4 %

15.7 %

Daimler

27,193

23,332

24,343

16.6 %

12.1 %

11.7 %

3.1 %

Ford

112,656

88,762

124,787

26.9 %

22.0 %

-9.7 %

-16.7 %

GM

159,632

177,763

154,886

-10.2 %

-13.7 %

3.1 %

-4.9 %

Honda

78,168

147,414

75,173

-47.0 %

-49.0 %

4.0 %

-4.0 %

Hyundai

67,707

70,941

63,159

-4.6 %

-8.2 %

7.2 %

-1.0 %

Kia

62,540

62,159

55,785

0.6 %

-3.3 %

12.1 %

3.5 %

Nissan

41,234

70,389

44,035

-41.4 %

-43.7 %

-6.4 %

-13.6 %

Stellantis

107,735

120,185

108,631

-10.4 %

-13.8 %

-0.8 %

-8.5 %

Subaru

46,366

41,826

40,941

10.9 %

6.6 %

13.3 %

4.5 %

Tesla

45,472

22,869

47,690

98.8 %

91.2 %

-4.7 %

-12.0 %

Toyota

162,544

178,371

156,058

-8.9 %

-12.4 %

4.2 %

-3.9 %

Volkswagen Group

53,789

57,466

45,708

-6.4 %

-10.0 %

17.7 %

8.6 %

Industry

1,023,466

1,151,552

998,243

-11.1 %

-14.5 %

2.5 %

-5.4 %



Fleet Unit Sales



Manufacturer

Jun 2022
Forecast

Jun 2021
Actual

May 2022
Actual

YoY %
Change

YoY % Change
(Daily Selling Rate)

MoM %
Change

MoM % Change 
(Daily Selling Rate)

BMW

565

1,538

474

-63.3 %

-64.7 %

19.2 %

10.1 %

Daimler

1,046

1,015

508

3.0 %

-0.9 %

105.8 %

89.9 %

Ford

42,858

25,915

28,647

65.4 %

59.0 %

49.6 %

38.1 %

GM

37,291

27,019

22,970

38.0 %

32.7 %

62.3 %

49.9 %

Honda

1,028

5,708

318

-82.0 %

-82.7 %

223.3 %

198.4 %

Hyundai

105

5,578

673

-98.1 %

-98.2 %

-84.4 %

-85.6 %

Kia

4,092

6,327

2,156

-35.3 %

-37.8 %

89.8 %

75.2 %

Nissan

11,064

18,253

9,346

-39.4 %

-41.7 %

18.4 %

9.3 %

Stellantis

25,193

16,149

22,356

56.0 %

50.0 %

12.7 %

4.0 %

Subaru

1,254

1,051

1,585

19.3 %

14.7 %

-20.9 %

-27.0 %

Tesla

540

-

16



3220.1 %

2964.7 %

Toyota

9,996

31,350

20,714

-68.1 %

-69.3 %

-51.7 %

-55.5 %

Volkswagen Group

789

3,785

689

-79.2 %

-80.0 %

14.5 %

5.7 %

Industry

143,103

149,321

116,042

-4.2 %

-7.9 %

23.3 %

13.8 %



Fleet Penetration

Manufacturer

Jun 2022 Forecast

Jun 2021 Actual

May 2022 Actual

YoY % Change

MoM % Change

BMW

1.7 %

4.4 %

1.8 %

-62.1 %

-4.8 %

Daimler

3.7 %

4.2 %

2.0 %

-11.2 %

81.1 %

Ford

27.6 %

22.6 %

18.7 %

21.9 %

47.6 %

GM

18.9 %

13.2 %

12.9 %

43.5 %

46.6 %

Honda

1.3 %

3.7 %

0.4 %

-65.2 %

208.1 %

Hyundai

0.2 %

7.3 %

1.1 %

-97.9 %

-85.3 %

Kia

6.1 %

9.2 %

3.7 %

-33.5 %

65.1 %

Nissan

21.2 %

20.6 %

17.5 %

2.7 %

20.8 %

Stellantis

19.0 %

11.8 %

17.1 %

60.0 %

11.0 %

Subaru

2.6 %

2.5 %

3.7 %

7.4 %

-29.4 %

Tesla

1.2 %

0.0 %

0.0 %


3342.3 %

Toyota

5.8 %

14.9 %

11.7 %

-61.2 %

-50.6 %

Volkswagen Group

1.4 %

6.2 %

1.5 %

-76.6 %

-2.6 %

Industry

12.3 %

11.5 %

10.4 %

6.9 %

17.8 %



Total Market Share

Manufacturer

Jun 2022 Forecast

Jun 2021 Actual

May 2022 Actual

BMW

2.9 %

2.7 %

2.4 %

Daimler

2.4 %

1.9 %

2.2 %

Ford

13.3 %

8.8 %

13.8 %

GM

16.9 %

15.7 %

16.0 %

Honda

6.8 %

11.8 %

6.8 %

Hyundai

5.8 %

5.9 %

5.7 %

Kia

5.7 %

5.3 %

5.2 %

Nissan

4.5 %

6.8 %

4.8 %

Stellantis

11.4 %

10.5 %

11.8 %

Subaru

4.1 %

3.3 %

3.8 %

Tesla

3.9 %

1.8 %

4.3 %

Toyota

14.8 %

16.1 %

15.9 %

Volkswagen Group

4.7 %

4.7 %

4.2 %


97.2 %

95.2 %

96.8 %



Retail Market Share

Manufacturer

Jun 2022 Forecast

Jun 2021 Actual

May 2022 Actual

BMW

3.2 %

2.9 %

2.7 %

Daimler

2.7 %

2.0 %

2.4 %

Ford

11.0 %

7.7 %

12.5 %

GM

15.6 %

15.4 %

15.5 %

Honda

7.6 %

12.8 %

7.5 %

Hyundai

6.6 %

6.2 %

6.3 %

Kia

6.1 %

5.4 %

5.6 %

Nissan

4.0 %

6.1 %

4.4 %

Stellantis

10.5 %

10.4 %

10.9 %

Subaru

4.5 %

3.6 %

4.1 %

Tesla

4.4 %

2.0 %

4.8 %

Toyota

15.9 %

15.5 %

15.6 %

Volkswagen Group

5.3 %

5.0 %

4.6 %


97.5 %

95.1 %

96.9 %



ATP



Manufacturer

Jun 2022 Forecast

Jun 2021 Actual

May 2022 Actual

YOY

MOM

BMW

$65,965

$60,344

$64,880

9.3 %

1.7 %

Daimler

$64,293

$59,320

$64,732

8.4 %

-0.7 %

Ford

$52,427

$47,972

$50,989

9.3 %

2.8 %

GM

$50,426

$47,391

$50,869

6.4 %

-0.9 %

Honda

$38,132

$32,538

$37,648

17.2 %

1.3 %

Hyundai

$37,699

$32,451

$37,299

16.2 %

1.1 %

Kia

$35,760

$29,824

$35,083

19.9 %

1.9 %

Nissan

$36,108

$31,969

$36,307

12.9 %

-0.5 %

Stellantis

$53,799

$48,687

$53,672

10.5 %

0.2 %

Subaru

$35,752

$34,344

$35,458

4.1 %

0.8 %

Toyota

$40,243

$37,689

$38,996

6.8 %

3.2 %

Volkswagen Group

$47,956

$44,080

$47,253

8.8 %

1.5 %

Industry

$45,272

$39,976

$44,583

13.2 %

1.5 %


$5,296


$689





Incentives



Manufacturer

Jun 2022 Forecast

Jun 2021 Actual

May 2022 Actual

YOY

MOM

BMW

$1,139

$4,452

$1,182

-74.4 %

-3.7 %

Daimler

$1,178

$3,280

$1,253

-64.1 %

-6.0 %

Ford

$1,073

$2,484

$1,060

-56.8 %

1.3 %

GM

$1,878

$4,023

$1,725

-53.3 %

8.8 %

Honda

$718

$2,096

$790

-65.7 %

-9.1 %

Hyundai

$543

$1,884

$551

-71.2 %

-1.3 %

Kia

$628

$2,603

$656

-75.9 %

-4.3 %

Nissan

$1,359

$3,025

$1,580

-55.1 %

-14.0 %

Stellantis

$1,866

$2,812

$1,894

-33.7 %

-1.5 %

Subaru

$779

$1,395

$756

-44.1 %

3.1 %

Toyota

$782

$1,916

$787

-59.2 %

-0.5 %

Volkswagen Group

$1,125

$3,421

$1,137

-67.1 %

-1.1 %

Industry

$1,186

$2,732

$1,176

-56.6 %

0.9 %


-$1,545


$10





Incentives as % of ATP



Manufacturer

Jun 2022 Forecast

Jun 2021 Actual

May 2022 Actual

YOY

MOM

BMW

1.7 %

7.4 %

1.8 %

-76.6 %

-5.3 %

Daimler

1.8 %

5.5 %

1.9 %

-66.9 %

-5.4 %

Ford

2.0 %

5.2 %

2.1 %

-60.5 %

-1.5 %

GM

3.7 %

8.5 %

3.4 %

-56.1 %

9.8 %

Honda

1.9 %

6.4 %

2.1 %

-70.7 %

-10.3 %

Hyundai

1.4 %

5.8 %

1.5 %

-75.2 %

-2.4 %

Kia

1.8 %

8.7 %

1.9 %

-79.9 %

-6.1 %

Nissan

3.8 %

9.5 %

4.4 %

-60.2 %

-13.5 %

Stellantis

3.5 %

5.8 %

3.5 %

-40.0 %

-1.7 %

Subaru

2.2 %

4.1 %

2.1 %

-46.3 %

2.2 %

Toyota

1.9 %

5.1 %

2.0 %

-61.8 %

-3.6 %

Volkswagen Group

2.3 %

7.8 %

2.4 %

-69.8 %

-2.6 %

Industry

2.6 %

6.8 %

2.6 %

-61.7 %

-0.7 %



Revenue



Manufacturer

Jun 2022 Forecast

Jun 2021 Actual

May 2022 Actual

YOY

MOM

Industry

$52,813,044,285

$52,003,460,283

$49,678,066,394

1.6 %

6.3 %



Quarterly Tables

Total Unit Sales



Manufacturer

Q2 2022

Q2 2021

Q1 2022

YoY % Change

YoY % Change
(Daily Selling Rate)

QoQ % Change

QoQ % Change

(Daily Selling Rate)

BMW

89,226

105,901

80,590

-15.7 %

-15.7 %

10.7 %

7.8 %

Daimler

84,155

78,246

68,401

7.6 %

7.6 %

23.0 %

19.8 %

Ford

484,890

472,260

429,174

2.7 %

2.7 %

13.0 %

10.0 %

GM

575,751

683,696

509,108

-15.8 %

-15.8 %

13.1 %

10.2 %

Honda

247,937

486,419

266,418

-49.0 %

-49.0 %

-6.9 %

-9.4 %

Hyundai

198,351

251,081

171,399

-21.0 %

-21.0 %

15.7 %

12.7 %

Kia

183,636

218,961

151,194

-16.1 %

-16.1 %

21.5 %

18.3 %

Nissan

180,347

298,148

201,081

-39.5 %

-39.5 %

-10.3 %

-12.6 %

Stellantis

408,664

487,817

404,259

-16.2 %

-16.2 %

1.1 %

-1.5 %

Subaru

135,894

160,824

132,346

-15.5 %

-15.5 %

2.7 %

0.0 %

Tesla

142,150

68,259

130,860

108.3 %

108.3 %

8.6 %

5.8 %

Toyota

535,822

688,813

514,592

-22.2 %

-22.2 %

4.1 %

1.4 %

Volkswagen Group

146,674

204,424

113,231

-28.3 %

-28.3 %

29.5 %

26.2 %

Industry

3,535,451

4,399,779

3,323,953

-19.6 %

-19.6 %

6.4 %

3.6 %



Retail Unit Sales



Manufacturer

Q2 2022

Q2 2021

Q1 2022

YoY % Change

YoY % Change
(Daily Selling Rate)

QoQ % Change

QoQ % Change
(Daily Selling Rate)

BMW

87,734

101,575

78,805

-13.6 %

-13.6 %

11.3 %

8.4 %

Daimler

81,038

75,132

64,924

7.9 %

7.9 %

24.8 %

21.6 %

Ford

351,260

366,931

325,514

-4.3 %

-4.3 %

7.9 %

5.1 %

GM

466,722

599,229

403,778

-22.1 %

-22.1 %

15.6 %

12.6 %

Honda

244,719

470,440

258,883

-48.0 %

-48.0 %

-5.5 %

-7.9 %

Hyundai

198,044

228,474

169,737

-13.3 %

-13.3 %

16.7 %

13.6 %

Kia

172,359

200,746

137,801

-14.1 %

-14.1 %

25.1 %

21.8 %

Nissan

142,194

235,625

164,290

-39.7 %

-39.7 %

-13.4 %

-15.7 %

Stellantis

331,213

432,724

331,777

-23.5 %

-23.5 %

-0.2 %

-2.8 %

Subaru

132,316

157,208

128,244

-15.8 %

-15.8 %

3.2 %

0.5 %

Tesla

140,482

67,602

126,601

107.8 %

107.8 %

11.0 %

8.1 %

Toyota

504,779

601,027

459,059

-16.0 %

-16.0 %

10.0 %

7.1 %

Volkswagen Group

144,554

189,750

109,827

-23.8 %

-23.8 %

31.6 %

28.2 %

Industry

3,101,758

3,907,705

2,894,256

-20.6 %

-20.6 %

7.2 %

4.4 %



Total Market Share


Manufacturer

Q2 2022

Q2 2021

Q1 2022

BMW

2.5 %

2.4 %

2.4 %

Daimler

2.4 %

1.8 %

2.1 %

Ford

13.7 %

10.7 %

12.9 %

GM

16.3 %

15.5 %

15.3 %

Honda

7.0 %

11.1 %

8.0 %

Hyundai

5.6 %

5.7 %

5.2 %

Kia

5.2 %

5.0 %

4.5 %

Nissan

5.1 %

6.8 %

6.0 %

Stellantis

11.6 %

11.1 %

12.2 %

Subaru

3.8 %

3.7 %

4.0 %

Tesla

4.0 %

1.6 %

3.9 %

Toyota

15.2 %

15.7 %

15.5 %

Volkswagen Group

4.1 %

4.6 %

3.4 %


96.6 %

95.6 %

95.4 %



Retail Market Share


Manufacturer

Q2 2022

Q2 2021

Q1 2022

BMW

2.8 %

2.6 %

2.7 %

Daimler

2.6 %

1.9 %

2.2 %

Ford

11.3 %

9.4 %

11.2 %

GM

15.0 %

15.3 %

14.0 %

Honda

7.9 %

12.0 %

8.9 %

Hyundai

6.4 %

5.8 %

5.9 %

Kia

5.6 %

5.1 %

4.8 %

Nissan

4.6 %

6.0 %

5.7 %

Stellantis

10.7 %

11.1 %

11.5 %

Subaru

4.3 %

4.0 %

4.4 %

Tesla

4.5 %

1.7 %

4.4 %

Toyota

16.3 %

15.4 %

15.9 %

Volkswagen Group

4.7 %

4.9 %

3.8 %


96.6 %

95.4 %

95.3 %



ATP




Manufacturer

Q2 2022

Q2 2021

Q1 2022

YoY % Change


QoQ % Change

BMW

$66,337

$60,215

$63,860

10.2 %


3.9 %

Daimler

$65,722

$61,255

$73,231

7.3 %


-10.3 %

Ford

$50,917

$45,203

$47,952

12.6 %


6.2 %

GM

$50,558

$46,262

$50,664

9.3 %


-0.2 %

Honda

$37,479

$32,230

$36,632

16.3 %


2.3 %

Hyundai

$37,415

$31,645

$36,412

18.2 %


2.8 %

Kia

$35,222

$29,953

$33,925

17.6 %


3.8 %

Nissan

$36,073

$31,016

$33,724

16.3 %


7.0 %

Stellantis

$53,654

$47,083

$52,798

14.0 %


1.6 %

Subaru

$35,393

$32,644

$34,677

8.4 %


2.1 %

Toyota

$39,775

$36,621

$40,172

8.6 %


-1.0 %

Volkswagen Group

$47,441

$43,085

$45,346

10.1 %


4.6 %

Industry

$44,670

$38,954

$43,701

14.7 %


2.2 %


$5,716


$969






Incentives




Manufacturer

Q2 2022

Q2 2021

Q1 2022

YoY % Change


QoQ % Change

BMW

$1,206

$4,713

$2,358

-74.4 %


-48.8 %

Daimler

$1,257

$3,574

$2,012

-64.8 %


-37.5 %

Ford

$1,193

$2,567

$1,824

-53.5 %


-34.6 %

GM

$1,847

$4,399

$1,974

-58.0 %


-6.4 %

Honda

$818

$2,167

$1,163

-62.3 %


-29.7 %

Hyundai

$620

$2,102

$890

-70.5 %


-30.3 %

Kia

$650

$2,549

$1,260

-74.5 %


-48.4 %

Nissan

$1,501

$3,502

$1,848

-57.1 %


-18.8 %

Stellantis

$1,893

$3,522

$2,413

-46.3 %


-21.5 %

Subaru

$753

$1,339

$901

-43.8 %


-16.5 %

Toyota

$803

$2,219

$1,025

-63.8 %


-21.6 %

Volkswagen Group

$1,169

$3,730

$1,769

-68.7 %


-33.9 %

Industry

$1,228

$3,003

$1,631

-59.1 %


-24.7 %


-$1,774


-$403




(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 LinkedInFacebook or Twitter.

 

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SOURCE TrueCar.com

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