March 2022 SAAR pace off nearly 25% year-over-year.
Inventory concerns continue to plague the US auto market. The first quarter of 2022 ended with March’s final tally down 24.4% off year-over-year. Average transaction prices continue to accelerate, up 17.4% while trade-in equity values remain sky high — one big positive for the consumer.
Shopper demand is present in the face of tight inventory, as evidenced by a decline in incentives and average transaction prices closing in on $44,000 for new vehicles. Trucks continue to dominate new sales.
Here are your Car Keys data points for the month:
- March 2022 SAAR: 13.3M units (down 24.4% YoY)
- Average Transaction: $43,737 (up 17.4% YoY)
- Light Trucks: 79.2% of new vehicle sales (up YoY)
- Leaders: Tesla +370%, BMW +4%, Mazda +3%, Jeep -2%
- Laggards: Buick -58%, Dodge -36%, Hyundai -35%
Tesla continues to post enormous gains in a struggling market, and was one of only four brands to surpass 100,000 units sold during the month. Toyota, Ford, and Chevrolet also hit the 100K threshold, but all three big brands were off 18% or more year-over-year.
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For analysis of the March’s auto market, visit NADA: