TrueCar Releases Analysis of May Industry Sales

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May sales on pace for 23 month high

SANTA MONICA, Calif., May 30, 2023 /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 1,388,602 units in May 2023, up nearly 20% from a year ago and up 6.5% from April 2023, when adjusted for the same number of selling days. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 1,145,561 units, up almost 16% from a year ago and up 7% from April 2023.

"Sales are expected to be strong this month as we head into the summer, with growing incentives and inventory options drawing consumers back into the market," said Zack Krelle, Industry Analyst at TrueCar.

"The average transaction price for trucks is up the most this year as incentives for SUVs and cars climb faster. Incentives for SUVs are growing the most quickly which is greatly contributing to the high sales pace," said Justin Colon, Vice President of OEM Solutions at TrueCar.

Additional May Industry Insights (from TrueCar):

Total sales for May 2023 are expected to be up nearly 20% from a year ago and up 6.5% from April 2023 when adjusted for the same number of selling days.
Fleet sales for May 2023 are expected to be up almost 40% from a year ago and up 4% from April 2023 when adjusted for the same number of selling days.
Average transaction price for new vehicles is projected to be up 2.7% from a year ago and about even with April 2023.
Used vehicle sales for May 2023 are expected to reach about 3.1 million, down 4% from a year ago and up 1% from April 2023.
The average interest rate on new vehicles is 7.1%, slightly higher than April 2023 and the average interest rate on used vehicles is 10.75%, about even with April 2023.
The average loan term on a new vehicle for May 2023 is about 69 months and the average loan term on a used vehicle is about 70 months.

Total Unit Sales
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual	YoY % Change	YoY % Change (Daily Selling Rate)	MoM % Change	MoM % Change (Daily Selling Rate)
BMW	31,087	26,988	29,925	15.2 %	10.6 %	3.9 %	8.0 %
Daimler	31,451	24,851	29,786	26.6 %	21.5 %	5.6 %	9.8 %
Ford	179,977	153,434	182,623	17.3 %	12.6 %	-1.4 %	2.5 %
GM	234,596	177,856	227,329	31.9 %	26.6 %	3.2 %	7.3 %
Honda	124,393	75,491	116,082	64.8 %	58.2 %	7.2 %	11.4 %
Hyundai	75,752	63,832	76,669	18.7 %	13.9 %	-1.2 %	2.8 %
Kia	67,125	57,941	68,205	15.9 %	11.2 %	-1.6 %	2.4 %
Nissan	84,290	53,381	83,746	57.9 %	51.6 %	0.6 %	4.7 %
Stellantis	148,938	130,987	137,019	13.7 %	9.2 %	8.7 %	13.0 %
Subaru	52,554	42,526	51,014	23.6 %	18.6 %	3.0 %	7.1 %
Tesla	56,835	47,706	55,865	19.1 %	14.4 %	1.7 %	5.8 %
Toyota	186,666	176,772	185,988	5.6 %	1.4 %	0.4 %	4.4 %
Volkswagen Group	51,858	46,397	50,591	11.8 %	7.3 %	2.5 %	6.6 %
Industry	1,388,602	1,114,583	1,356,551	24.6 %	19.6 %	2.4 %	6.5 %


Retail Unit Sales
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual	YoY % Change	YoY % Change (Daily Selling Rate)	MoM % Change	MoM % Change (Daily Selling Rate)
BMW	28,336	25,915	28,202	9.3 %	5.0 %	0.5 %	4.5 %
Daimler	29,606	23,309	28,351	27.0 %	21.9 %	4.4 %	8.6 %
Ford	128,491	113,103	126,733	13.6 %	9.1 %	1.4 %	5.4 %
GM	179,999	139,026	172,383	29.5 %	24.3 %	4.4 %	8.6 %
Honda	120,654	71,143	113,789	69.6 %	62.8 %	6.0 %	10.3 %
Hyundai	69,766	63,188	70,997	10.4 %	6.0 %	-1.7 %	2.2 %
Kia	60,484	54,484	60,677	11.0 %	6.6 %	-0.3 %	3.7 %
Nissan	61,525	43,630	61,095	41.0 %	35.4 %	0.7 %	4.7 %
Stellantis	102,296	103,631	89,742	-1.3 %	-5.2 %	14.0 %	18.5 %
Subaru	49,452	41,185	48,367	20.1 %	15.3 %	2.2 %	6.3 %
Tesla	54,634	36,909	54,818	48.0 %	42.1 %	-0.3 %	3.6 %
Toyota	162,131	155,658	162,369	4.2 %	0.0 %	-0.1 %	3.8 %
Volkswagen Group	47,670	44,836	46,974	6.3 %	2.1 %	1.5 %	5.5 %
Industry	1,145,561	949,271	1,113,487	20.7 %	15.9 %	2.9 %	7.0 %


Fleet Unit Sales
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual	YoY % Change	YoY % Change (Daily Selling Rate)	MoM % Change	MoM % Change (Daily Selling Rate)
BMW	2,751	1,073	1,723	156.3 %	146.0 %	59.7 %	66.1 %
Daimler	1,845	1,542	1,435	19.6 %	14.8 %	28.6 %	33.7 %
Ford	51,486	40,331	55,890	27.7 %	22.6 %	-7.9 %	-4.2 %
GM	54,597	38,830	54,946	40.6 %	35.0 %	-0.6 %	3.3 %
Honda	3,739	4,348	2,293	-14.0 %	-17.4 %	63.1 %	69.6 %
Hyundai	5,986	644	5,672	829.7 %	792.5 %	5.5 %	9.8 %
Kia	6,641	3,457	7,528	92.1 %	84.4 %	-11.8 %	-8.2 %
Nissan	22,765	9,751	22,651	133.5 %	124.1 %	0.5 %	4.5 %
Stellantis	46,642	27,356	47,277	70.5 %	63.7 %	-1.3 %	2.6 %
Subaru	3,102	1,341	2,647	131.4 %	122.1 %	17.2 %	21.9 %
Tesla	2,201	10,797	1,047	-79.6 %	-80.4 %	110.3 %	118.7 %
Toyota	24,535	21,114	23,619	16.2 %	11.6 %	3.9 %	8.0 %
Volkswagen Group	4,188	1,561	3,617	168.2 %	157.5 %	15.8 %	20.4 %
Industry	239,075	165,114	239,522	44.8 %	39.0 %	-0.2 %	3.8 %


Fleet Penetration
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual	YoY % Change	MoM % Change
BMW	8.8 %	4.0 %	5.8 %	122.5 %	53.7 %
Daimler	5.9 %	6.2 %	4.8 %	-5.5 %	21.8 %
Ford	28.6 %	26.3 %	30.6 %	8.8 %	-6.5 %
GM	23.3 %	21.8 %	24.2 %	6.6 %	-3.7 %
Honda	3.0 %	5.8 %	2.0 %	-47.8 %	52.2 %
Hyundai	7.9 %	1.0 %	7.4 %	683.4 %	6.8 %
Kia	9.9 %	6.0 %	11.0 %	65.8 %	-10.4 %
Nissan	27.0 %	18.3 %	27.0 %	47.9 %	-0.1 %
Stellantis	31.3 %	20.9 %	34.5 %	50.0 %	-9.2 %
Subaru	5.9 %	3.2 %	5.2 %	87.2 %	13.7 %
Tesla	3.9 %	22.6 %	1.9 %	-82.9 %	106.7 %
Toyota	13.1 %	11.9 %	12.7 %	10.0 %	3.5 %
Volkswagen Group	8.1 %	3.4 %	7.2 %	140.0 %	12.9 %
Industry	17.2 %	14.8 %	17.7 %	16.2 %	-2.5 %


Total Market Share
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual
BMW	2.2 %	2.4 %	2.2 %
Daimler	2.3 %	2.2 %	2.2 %
Ford	13.0 %	13.8 %	13.5 %
GM	16.9 %	16.0 %	16.8 %
Honda	9.0 %	6.8 %	8.6 %
Hyundai	5.5 %	5.7 %	5.7 %
Kia	4.8 %	5.2 %	5.0 %
Nissan	6.1 %	4.8 %	6.2 %
Stellantis	10.7 %	11.8 %	10.1 %
Subaru	3.8 %	3.8 %	3.8 %
Tesla	4.1 %	4.3 %	4.1 %
Toyota	13.4 %	15.9 %	13.7 %
Volkswagen Group	3.7 %	4.2 %	3.7 %
	95.5 %	96.7 %	95.5 %


Retail Market Share
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual
BMW	2.5 %	2.7 %	2.5 %
Daimler	2.6 %	2.5 %	2.5 %
Ford	11.2 %	11.9 %	11.4 %
GM	15.7 %	14.6 %	15.5 %
Honda	10.5 %	7.5 %	10.2 %
Hyundai	6.1 %	6.7 %	6.4 %
Kia	5.3 %	5.7 %	5.4 %
Nissan	5.4 %	4.6 %	5.5 %
Stellantis	8.9 %	10.9 %	8.1 %
Subaru	4.3 %	4.3 %	4.3 %
Tesla	4.8 %	3.9 %	4.9 %
Toyota	14.2 %	16.4 %	14.6 %
Volkswagen Group	4.2 %	4.7 %	4.2 %
	95.6 %	96.5 %	95.6 %


ATP
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual	YOY	MOM
BMW	$70,162	$64,688	$69,289	8.5 %	1.3 %
Daimler	$74,718	$64,698	$78,504	15.5 %	-4.8 %
Ford	$54,122	$50,878	$54,073	6.4 %	0.1 %
GM	$53,039	$50,582	$52,280	4.9 %	1.5 %
Honda	$37,793	$38,045	$37,801	-0.7 %	0.0 %
Hyundai	$37,399	$37,208	$37,540	0.5 %	-0.4 %
Kia	$35,064	$35,043	$34,232	0.1 %	2.4 %
Nissan	$36,729	$36,349	$36,506	1.0 %	0.6 %
Stellantis	$56,207	$53,425	$55,951	5.2 %	0.5 %
Subaru	$34,328	$35,455	$34,803	-3.2 %	-1.4 %
Toyota	$42,834	$39,335	$42,885	8.9 %	-0.1 %
Volkswagen Group	$47,126	$47,571	$47,424	-0.9 %	-0.6 %
Industry	$45,779	$44,565	$45,486	2.7 %	0.6 %
	$1,213		$293


Incentives
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual	YOY	MOM
BMW	$3,937	$1,182	$3,636	233.1 %	8.3 %
Daimler	$3,014	$1,253	$2,992	140.5 %	0.7 %
Ford	$2,270	$1,037	$1,800	119.0 %	26.1 %
GM	$2,255	$1,725	$1,959	30.7 %	15.1 %
Honda	$1,373	$790	$1,192	73.7 %	15.1 %
Hyundai	$1,597	$551	$1,427	190.1 %	11.9 %
Kia	$1,116	$656	$958	70.1 %	16.5 %
Nissan	$1,787	$1,580	$1,895	13.1 %	-5.7 %
Stellantis	$3,359	$1,894	$2,848	77.4 %	17.9 %
Subaru	$1,090	$756	$939	44.1 %	16.0 %
Toyota	$832	$787	$808	5.8 %	3.0 %
Volkswagen Group	$2,827	$1,137	$2,600	148.5 %	8.7 %
Industry	$1,931	$1,176	$1,704	64.3 %	13.3 %
	$756		$227


Incentives as % of ATP
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual	YOY	MOM
BMW	5.6 %	1.8 %	5.2 %	207.1 %	6.9 %
Daimler	4.0 %	1.9 %	3.8 %	108.3 %	5.8 %
Ford	4.2 %	2.0 %	3.3 %	105.8 %	26.0 %
GM	4.3 %	3.4 %	3.7 %	24.7 %	13.5 %
Honda	3.6 %	2.1 %	3.2 %	74.9 %	15.2 %
Hyundai	4.3 %	1.5 %	3.8 %	188.6 %	12.3 %
Kia	3.2 %	1.9 %	2.8 %	70.0 %	13.7 %
Nissan	4.9 %	4.3 %	5.2 %	11.9 %	-6.3 %
Stellantis	6.0 %	3.5 %	5.1 %	68.6 %	17.4 %
Subaru	3.2 %	2.1 %	2.7 %	48.8 %	17.6 %
Toyota	1.9 %	2.0 %	1.9 %	-2.9 %	3.1 %
Volkswagen Group	6.0 %	2.4 %	5.5 %	150.9 %	9.4 %
Industry	4.2 %	2.6 %	3.7 %	59.9 %	12.6 %


Revenue
Manufacturer	May 2023 Forecast	May 2022 Actual	Apr 2023 Actual	YOY	MOM
Industry	$63,568,387,218	$49,671,624,150	$61,703,570,423	28.0 %	3.0 %

(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 LinkedIn, Facebook or Twitter.