TrueCar Releases Analysis of August Industry Sales

Rhea-AI Summary

TrueCar forecasts new vehicle sales in the U.S. for August 2022 to be 1,152,846 units, marking a 9% increase year-over-year. Retail deliveries are expected to reach 1,015,575 units, up 6% from August 2021. Despite a predicted 14% decline in the seasonally adjusted annualized rate (SAAR) to 13 million units compared to last year, month-over-month sales show slight improvement. Incentive spending is down 52% year-over-year. Hyundai and Kia are highlighted for strong performance, attributed to updated lineups.

Positive

• 1,152,846 total sales expected, a 9% increase YoY.
• Retail deliveries forecasted at 1,015,575 units, up 6% YoY.
• Hyundai and Kia show strong performance due to refreshed models.

Negative

• SAAR for light vehicle sales down 14% YoY.
• Incentive spending decreased 52% from last year.
• Used vehicle sales projected to decline 17% YoY.

New vehicle incentives rise for second consecutive month 

SANTA MONICA, Calif., Aug. 30, 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 1,152,846 units in August 2022, up 9% from a year ago and slightly up from July 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 14% from August 2021. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 1,015,575 units, up 6% from a year ago and up about 3% from July 2022.

"August is shaping up to confirm our early predictions that the industry may be turning the corner," said Zack Krelle, Industry Analyst at TrueCar. "We're seeing consecutive month over month increases for incentives, while average transaction prices are softening. Inventory is also slowly growing, and sales are improving slightly."

"This month we're seeing Hyundai and Kia doing well, which I believe is in part due to the freshness of their lineups, with greater design changes than other OEMs," said Justin Colon, Vice President of OEM Solutions at TrueCar.

Additional August Industry Insights (from TrueCar):

• Total sales for August 2022 are expected to be up 9% from a year ago and slightly up from July 2022 when adjusted for the same number of selling days.
• Fleet sales for August 2022 are expected to be up 40% from a year ago and down 12% from July 2022 when adjusted for the same number of selling days.
• Incentive spend is down 52% from last year but up 9% from July 2022.
• Average transaction price for new vehicles is projected to be up 10% from a year ago and slightly down from July 2022.
• Total SAAR is expected to be down 14% from a year ago at 13 million units.
• Used vehicle sales for August 2022 are expected to reach 3 million, down 17% from a year ago and up 4% from July 2022. 
• The average interest rate on new vehicles is 5.7% compared to July 2022 at 5.6% and the average interest rate on used vehicles is 8.7%.
• The average loan term on a new vehicle for August 2022 is about 70 months and the average loan term on a used vehicle is about 71 months.

(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.)

Total Unit Sales
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual	YoY % Change	YoY % Change (Daily Selling Rate)	MoM % Change	MoM % Change (Daily Selling Rate)
BMW	27,541	27,602	29,917	-0.2 %	3.6 %	-7.9 %	-7.9 %
Daimler	28,491	20,351	29,896	40.0 %	45.4 %	-4.7 %	-4.7 %
Ford	157,393	123,343	162,729	27.6 %	32.5 %	-3.3 %	-3.3 %
GM	189,445	134,407	178,167	40.9 %	46.4 %	6.3 %	6.3 %
Honda	67,047	114,656	71,235	-41.5 %	-39.3 %	-5.9 %	-5.9 %
Hyundai	70,077	61,175	65,834	14.6 %	19.0 %	6.4 %	6.4 %
Kia	64,996	54,009	62,449	20.3 %	25.0 %	4.1 %	4.1 %
Nissan	50,813	67,317	50,535	-24.5 %	-21.6 %	0.6 %	0.6 %
Stellantis	126,213	137,926	135,978	-8.5 %	-5.0 %	-7.2 %	-7.2 %
Subaru	46,836	49,373	41,536	-5.1 %	-1.5 %	12.8 %	12.8 %
Tesla	47,629	23,140	42,813	105.8 %	113.7 %	11.3 %	11.3 %
Toyota	170,942	188,585	177,558	-9.4 %	-5.9 %	-3.7 %	-3.7 %
Volkswagen Group	53,369	42,704	54,986	25.0 %	29.8 %	-2.9 %	-2.9 %
Industry	1,152,846	1,095,323	1,146,084	5.3 %	9.3 %	0.6 %	0.6 %

 

Retail Unit Sales
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual	YoY % Change	YoY % Change (Daily Selling Rate)	MoM % Change	MoM % Change (Daily Selling Rate)
BMW	25,647	25,952	28,954	-1.2 %	2.6 %	-11.4 %	-11.4 %
Daimler	26,681	19,530	28,067	36.6 %	41.9 %	-4.9 %	-4.9 %
Ford	118,068	91,870	121,573	28.5 %	33.5 %	-2.9 %	-2.9 %
GM	160,900	117,562	140,998	36.9 %	42.1 %	14.1 %	14.1 %
Honda	65,794	112,098	68,633	-41.3 %	-39.0 %	-4.1 %	-4.1 %
Hyundai	68,774	57,785	65,132	19.0 %	23.6 %	5.6 %	5.6 %
Kia	60,943	52,161	57,647	16.8 %	21.3 %	5.7 %	5.7 %
Nissan	44,273	57,905	39,821	-23.5 %	-20.6 %	11.2 %	11.2 %
Stellantis	103,751	122,502	110,441	-15.3 %	-12.0 %	-6.1 %	-6.1 %
Subaru	45,599	48,561	40,131	-6.1 %	-2.5 %	13.6 %	13.6 %
Tesla	45,116	23,140	40,181	95.0 %	102.5 %	12.3 %	12.3 %
Toyota	150,475	174,764	155,692	-13.9 %	-10.6 %	-3.4 %	-3.4 %
Volkswagen Group	50,461	41,284	53,027	22.2 %	26.9 %	-4.8 %	-4.8 %
Industry	1,015,575	993,486	990,023	2.2 %	6.2 %	2.6 %	2.6 %

 

Fleet Unit Sales
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual	YoY % Change	YoY % Change (Daily Selling Rate)	MoM % Change	MoM % Change (Daily Selling Rate)
BMW	1,894	1,650	963	14.8 %	19.2 %	96.7 %	96.7 %
Daimler	1,810	821	1,829	120.5 %	129.0 %	-1.1 %	-1.1 %
Ford	39,325	31,473	41,156	24.9 %	29.8 %	-4.4 %	-4.4 %
GM	28,545	16,845	37,169	69.5 %	76.0 %	-23.2 %	-23.2 %
Honda	1,253	2,558	2,602	-51.0 %	-49.1 %	-51.8 %	-51.8 %
Hyundai	1,303	3,390	702	-61.6 %	-60.1 %	85.7 %	85.7 %
Kia	4,053	1,848	4,802	119.3 %	127.7 %	-15.6 %	-15.6 %
Nissan	6,540	9,412	10,714	-30.5 %	-27.8 %	-39.0 %	-39.0 %
Stellantis	22,462	15,424	25,537	45.6 %	51.2 %	-12.0 %	-12.0 %
Subaru	1,237	812	1,405	52.3 %	58.2 %	-12.0 %	-12.0 %
Tesla	2,513	-	2,632			-4.5 %	-4.5 %
Toyota	20,467	13,821	21,866	48.1 %	53.8 %	-6.4 %	-6.4 %
Volkswagen Group	2,908	1,420	1,959	104.8 %	112.6 %	48.5 %	48.5 %
Industry	137,271	101,837	156,061	34.8 %	40.0 %	-12.0 %	-12.0 %

 

Fleet Penetration
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual	YoY % Change	MoM % Change
BMW	6.9 %	6.0 %	3.2 %	15.0 %	113.6 %
Daimler	6.4 %	4.0 %	6.1 %	57.5 %	3.8 %
Ford	25.0 %	25.5 %	25.3 %	-2.1 %	-1.2 %
GM	15.1 %	12.5 %	20.9 %	20.2 %	-27.8 %
Honda	1.9 %	2.2 %	3.7 %	-16.2 %	-48.8 %
Hyundai	1.9 %	5.5 %	1.1 %	-66.4 %	74.4 %
Kia	6.2 %	3.4 %	7.7 %	82.2 %	-18.9 %
Nissan	12.9 %	14.0 %	21.2 %	-7.9 %	-39.3 %
Stellantis	17.8 %	11.2 %	18.8 %	59.1 %	-5.2 %
Subaru	2.6 %	1.6 %	3.4 %	60.6 %	-21.9 %
Tesla	5.3 %	0.0 %	6.1 %		-14.2 %
Toyota	12.0 %	7.3 %	12.3 %	63.4 %	-2.8 %
Volkswagen Group	5.4 %	3.3 %	3.6 %	63.8 %	53.0 %
Industry	11.9 %	9.3 %	13.6 %	28.1 %	-12.6 %

 

Total Market Share
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual
BMW	2.4 %	2.5 %	2.6 %
Daimler	2.5 %	1.9 %	2.6 %
Ford	13.7 %	11.3 %	14.2 %
GM	16.4 %	12.3 %	15.5 %
Honda	5.8 %	10.5 %	6.2 %
Hyundai	6.1 %	5.6 %	5.7 %
Kia	5.6 %	4.9 %	5.4 %
Nissan	4.4 %	6.1 %	4.4 %
Stellantis	10.9 %	12.6 %	11.9 %
Subaru	4.1 %	4.5 %	3.6 %
Tesla	4.1 %	2.1 %	3.7 %
Toyota	14.8 %	17.2 %	15.5 %
Volkswagen Group	4.6 %	3.9 %	4.8 %
	95.5 %	95.4 %	96.3 %

 

Retail Market Share
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual
BMW	2.5 %	2.6 %	2.9 %
Daimler	2.6 %	2.0 %	2.8 %
Ford	11.6 %	9.2 %	12.3 %
GM	15.8 %	11.8 %	14.2 %
Honda	6.5 %	11.3 %	6.9 %
Hyundai	6.8 %	5.8 %	6.6 %
Kia	6.0 %	5.3 %	5.8 %
Nissan	4.4 %	5.8 %	4.0 %
Stellantis	10.2 %	12.3 %	11.2 %
Subaru	4.5 %	4.9 %	4.1 %
Tesla	4.4 %	2.3 %	4.1 %
Toyota	14.8 %	17.6 %	15.7 %
Volkswagen Group	5.0 %	4.2 %	5.4 %
	95.2 %	95.1 %	96.0 %

 

ATP
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual	YOY	MOM
BMW	$66,141	$61,036	$65,317	8.4 %	1.3 %
Daimler	$67,226	$70,594	$65,661	-4.8 %	2.4 %
Ford	$53,416	$50,793	$53,738	5.2 %	-0.6 %
GM	$51,176	$48,381	$51,280	5.8 %	-0.2 %
Honda	$38,494	$33,933	$38,814	13.4 %	-0.8 %
Hyundai	$36,883	$34,698	$36,164	6.3 %	2.0 %
Kia	$34,878	$30,696	$35,118	13.6 %	-0.7 %
Nissan	$36,873	$33,233	$36,079	11.0 %	2.2 %
Stellantis	$54,583	$49,116	$54,847	11.1 %	-0.5 %
Subaru	$34,560	$33,961	$34,831	1.8 %	-0.8 %
Toyota	$41,614	$37,674	$40,858	10.5 %	1.9 %
Volkswagen Group	$44,683	$42,198	$45,246	5.9 %	-1.2 %
Industry	$45,178	$40,969	$45,466	10.3 %	-0.6 %
	$4,209		-$289

 

Incentives
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual	YOY	MOM
BMW	$1,407	$4,284	$1,156	-67.2 %	21.7 %
Daimler	$1,760	$3,625	$1,283	-51.5 %	37.1 %
Ford	$836	$2,419	$1,042	-65.4 %	-19.7 %
GM	$1,698	$3,344	$1,613	-49.2 %	5.2 %
Honda	$844	$2,102	$679	-59.9 %	24.3 %
Hyundai	$482	$1,667	$490	-71.1 %	-1.6 %
Kia	$587	$2,472	$582	-76.3 %	0.8 %
Nissan	$1,228	$2,337	$1,195	-47.5 %	2.8 %
Stellantis	$2,501	$2,928	$1,949	-14.6 %	28.3 %
Subaru	$648	$1,336	$763	-51.5 %	-15.1 %
Toyota	$848	$2,013	$754	-57.9 %	12.5 %
Volkswagen Group	$1,607	$2,912	$1,103	-44.8 %	45.7 %
Industry	$1,197	$2,515	$1,100	-52.4 %	8.8 %
	-$1,318		$96

 

Incentives as % of ATP
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual	YOY	MOM
BMW	2.1 %	7.0 %	1.8 %	-69.7 %	20.2 %
Daimler	2.6 %	5.1 %	2.0 %	-49.0 %	34.0 %
Ford	1.6 %	4.8 %	1.9 %	-67.1 %	-19.2 %
GM	3.3 %	6.9 %	3.1 %	-52.0 %	5.5 %
Honda	2.2 %	6.2 %	1.7 %	-64.6 %	25.3 %
Hyundai	1.3 %	4.8 %	1.4 %	-72.8 %	-3.5 %
Kia	1.7 %	8.1 %	1.7 %	-79.1 %	1.5 %
Nissan	3.3 %	7.0 %	3.3 %	-52.6 %	0.6 %
Stellantis	4.6 %	6.0 %	3.6 %	-23.2 %	28.9 %
Subaru	1.9 %	3.9 %	2.2 %	-52.3 %	-14.4 %
Toyota	2.0 %	5.3 %	1.8 %	-61.9 %	10.5 %
Volkswagen Group	3.6 %	6.9 %	2.4 %	-47.9 %	47.5 %
Industry	2.6 %	6.1 %	2.4 %	-56.9 %	9.5 %

 

Revenue
Manufacturer	Aug 2022 Forecast	Aug 2021 Actual	Jul 2022 Actual	YOY	MOM
Industry	$52,082,946,897	$44,874,053,166	$52,108,260,204	16.1 %	0.0 %

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. 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/truecar-releases-analysis-of-august-industry-sales-301614415.html

SOURCE TrueCar.com

FAQ

What is TrueCar's forecast for U.S. vehicle sales in August 2022?

TrueCar forecasts total new vehicle sales to reach 1,152,846 units in August 2022.

How much will retail deliveries of new cars rise in August 2022?

Retail deliveries are expected to be 1,015,575 units, a 6% increase from August 2021.

What is the expected SAAR for light vehicle sales in August 2022?

The SAAR for light vehicle sales is estimated to be 13 million, down 14% from last year.

Which vehicle manufacturers performed well in August 2022?

Hyundai and Kia are noted for strong sales performance due to updates in their vehicle lineups.

What is the trend in vehicle incentive spending in August 2022?

Incentive spending decreased by 52% compared to last year but increased by 9% from July 2022.