Chevrolet Surpassed $50,000 in Average Transactions in September 2021

While the auto industry is reeling from the effects of the computer chip shortage, shifting the ones that are available to the most profitable models has helped companies like General Motors better weather the storm.

In fact, while GM just posted its worst quarterly sales figures since 1958, the good news is that Chevrolet led the industry with an average sales price in September of $50,451 – up 7.1 percent from the $47,095 average transaction price a month earlier and a whopping 23.3 percent higher than September 2020. The 2021 price is also considerably higher than the overall industry average transaction of $45,031.

Leading the way for GM has been the new mid-engine Corvette, which posted an average price of $89,788 last month. Apparently, Stingray buyers are checking a lot of boxes on the options list to send the base price of $60,995 skyrocketing to the heavens.

Analyst Kayla Reynolds of Kelley Blue Book blames the record-high prices in September on “mostly a result of the mix of vehicles sold.” With production limited by the chip shortages, companies like GM are using the available chips for their most popular and profitable vehicles – like the red-hot new Stingray and full-size SUVS where they own nearly 70 percent of the market.

The bad news for GM is that it sold 218,195 fewer vehicles overall for the third quarter compared to last year and 291,641 fewer than 2019. The good news for the company is that the limited supply means having to pay lower incentives to move its vehicles.

Source:
GM Authority

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