No Incentives War This Summer, Cars.com Projects Lower Incentives Spending in June - Hawaii News Now - KGMB and KHNL

No Incentives War This Summer, Cars.com Projects Lower Incentives Spending in June

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SOURCE Cars.com

Overall Industry ATP Hits Highest Level in 2014

CHICAGO, July 1, 2014 /PRNewswire/ -- Cars.com, the leading online resource for buying and selling new and used cars and a comprehensive automotive digital marketing company, estimated today that June's Average Transaction Price (ATP) for new light-vehicle sales in the United States was $30,108, up 1.2 percent ($363) from May and down 3.0 percent ($942) from June 2013. This would mark the highest level ATP for the overall industry average so far this year.

"The pace of new-vehicle sales picked up in the second quarter of 2014, preventing what previously looked to be an inevitable incentives war this summer," said Jesse Toprak, chief analyst for Cars.com. "Despite the relative year-over-year decline, ATPs have also seen steady improvement in recent months. This combination of lower incentives and higher ATPs means we can reasonably expect improved profitability for the industry in the second quarter."

Chrysler, Hyundai/Kia, and Volkswagen are projected to hit their highest ATP levels of 2014, with Chrysler up 0.5 percent over May and up 5.1 percent over this time last year. Hyundai/Kia is expected to see an increase of 0.2 percent month-over-month and a 0.2 percent increase from June 2013.

Incentive spending in June is projected to be down 2.9 percent ($77) over May, and down 3.7 percent ($99) year-over-year. The average incentive for light vehicles this month was $2,596, with Hyundai/Kia showing a significant increase (21.7%) over June 2013. Chrysler is also continuing to increase its incentive spending, up 6.3 percent over June 2013 and up 7.3 percent over May.

Manufacturer

June 2014 Forecast Transaction Price

May 2014 Transaction Price

June 2013 Transaction Price

Percent Change June 2013 to June 2014

Percent Change May 2014 to June 2014

Chrysler Group

$       31,389

$       31,241

$       29,876

5.1%

0.5%

Ford

$       31,796

$       31,370

$       33,272

-4.4%

1.4%

GM

$       34,504

$       34,482

$       33,053

4.4%

0.1%

Honda

$       25,409

$       25,167

$       27,165

-6.5%

1.0%

Hyundai/Kia

$       22,568

$       22,528

$       22,529

0.2%

0.2%

Nissan

$       24,585

$       24,219

$       28,311

-13.2%

1.5%

Toyota

$       28,321

$       27,696

$       29,177

-2.9%

2.3%

Volkswagen

$       37,042

$       36,159

$       33,802

9.6%

2.4%

Industry

$       30,108

$       29,745

$       31,050

-3.0%

1.2%

 

Manufacturer

June 2014 Forecast Incentives

May 2014 Incentives

June 2013 Incentives

Percent Change June 2013 to June 2014

Percent Change May 2014 to June 2014

Chrysler Group

$         3,458

$         3,224

$         3,253

6.3%

7.3%

Ford

$         3,144

$         3,295

$         3,088

1.8%

-4.6%

GM

$         3,212

$         3,217

$         3,724

-13.7%

-0.2%

Honda

$         1,678

$         1,950

$         1,812

-7.4%

-13.9%

Hyundai/Kia

$         1,978

$         2,109

$         1,625

21.7%

-6.2%

Nissan

$         2,389

$         2,530

$         2,465

-3.1%

-5.6%

Toyota

$         1,802

$         2,016

$         1,894

-4.9%

-10.6%

Volkswagen

$         2,704

$         2,923

$         2,700

0.1%

-7.5%

Industry

$          2,596

$          2,673

$          2,695

-3.7%

-2.9%

ABOUT CARS.COM

Cars.com is an award-winning online destination for car shoppers that offers information from consumers and experts to help buyers formulate opinions on what to buy, where to buy and how much to pay for a car. Cars.com offers thousands of new and used vehicle listings, consumer reviews, side-by-side comparison tools, photo galleries, videos, unbiased editorial content and many other tools to take the drama out of car shopping. Cars.com puts millions of car buyers in control of their shopping process with the information they need to make confident buying decisions. Launched in June 1998, Cars.com is a division of Classified Ventures LLC.

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