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Average new-vehicle transaction price hits a whopping new peak in December

Elevated prices for products and higher borrowing rates led to record high transaction prices for new vehicles in December, with the average cost in the U.S. rising to a record $49,507, according to data from Kelley Blue Book released today. The report notes that ATPs — average transaction prices — have climbed above suggested retail prices — MSRPs — for more than a year. Sales volumes were up in December on a year-over-year basis by more than 5%, a situation Kelley attributed to improved supply. Overall sales for 2022, however, were off 8% year over year. “The transaction data from December clearly indicates overall prices showed no signs of coming down as we headed into year-end,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. “Luxury prices fell slightly in December, but non-luxury transaction prices were up. Truck sales were particularly strong last month, and with many trucks selling for more than $60,000, a new record was all but inevitable.” Industry analysts claim the most obvious headwinds in the new car market are generated by higher interest rates, forced by the Federal Reserve's rate hikes intended to tame inflation, and by generally limited inventory. A recent report from J.D. Power showed that the average monthly payment for a new vehicle loan in December was $718, up $47 from a year ago. But 16% of consumers in December took out loans with monthly payments of over $1,000. Consumers think vehicles, and electric vehicles especially, are way too expensive. Fortunately, manufacturersÂ’ incentives, all but extinct in the past two years, are returning, especially in the electric-vehicle and luxury market, the Kelley data suggest. Plus, "With the new tax credits on the way, electric vehicle ATPs will drop lower for qualifying vehicles,” Rydzewski said. Non-luxury brands, such as Honda and Kia, showed particularly strong performance in December, with the average price paid at $45,578 — a record high and an increase of $994 month over month. Meanwhile, the average luxury buyer paid $66,660 for a new vehicle last month. Mercedes-Benz and Land Rover showed the most price strength in the luxury market, transacting between 2.6% to 6.5% over sticker price. But luxury brands Audi, BMW, Infiniti, Lexus, Lincoln, and Volvo showed the least price strength with some discounting in effect, selling 1% or more below MSRP in December, according to the survey.

Tata confirms JLR is looking at NA for new plant

Despite recent rumors to the contrary, Jaguar Land Rover is considering building a factory in North America, though not necessarily in the United States. The confirmation comes directly from former Tata Motors boss and still chairman emeritus Ratan Tata in a conversation with Automotive News. "The company is indeed looking at North America as a location for another plant. Where they locate that plant, in which country or which state they locate, is something they will need to decide," Tata said to AN. The magnate indicated that he wasn't taking part in the decision, though. Rumors of JLR's plans to open a factory in the US go back to at least to 2014. The automaker was reportedly looking to open a plant in the South to produce around 200,000 vehicles a year, and at the time, South Carolina was considered a possible location. However, later speculation made Georgia a likely contender, especially after the state's governor reportedly flew to the UK to pitch the company on the idea. Recently, the business had allegedly changed its mind and had turned the sights towards Austria or Turkey as potential alternatives. JLR is seemingly on a factory building binge at the moment. It opened a new engine plant in the UK late last year and its first manufacturing center in China at about the same time. The latest Land Rover Discovery Sport will also get assembled in Brazil for the local market. Related Video: Featured Gallery Land Rover Discovery Sport production at Halewood View 44 Photos News Source: Automotive News - sub. req.Image Credit: Jaguar Land Rover Plants/Manufacturing Jaguar Land Rover Luxury jaguar land rover

Jaguar demanding customer data from reluctant dealers

Nearly every major business is collecting consumer data these days, and keeping that data secure has come to the forefront of many customer's minds. Jaguar Land Rover North America's decision to begin requesting more customer info from its dealer network appears unfortunately timed, however. If it had come a few years ago, it might have been ignored, but in today's climate of heightened awareness, a few dealers are pushing back. To put the showrooms in an even tougher position, JLR NA is threatening to deny quarterly incentives if they do not turn over the customer data, according to Automotive News.
JLR NA instated the nationwide plan, which it calls Single View CRM, on February 7, but according to Stuart Schorr, Jaguar Land Rover North America Vice President of Communications, the automaker has been negotiating with its dealers to institute the new program for over a year. Schorr tells Autoblog that no financial information is being shared, noting that such data is limited to customer details, including things like what vehicles they own and whether they have any pending service. The initiative is meant to "improve customers' and owners' engagement with the brand," he said. Also, the company is not accessing dealer data itself; instead showrooms are asked to enter the info into JLR's database.