IRVINE, Calif. ─ Transaction prices grew slower than usual for the month of June, rising $511, or 1.5%, from a year ago to $34,442, according to Kelley Blue Book.
Compared to May, transaction prices were flat. The vehicle information site noted that as the industry enters a “post-peak” environment for new-car sales, more pressure will be placed on transaction prices.
“Kelley Blue Book is seeing more mixed results among manufacturers and popular segments, such as full-size trucks and mid-size cars, both of which are flat, as well as compact SUVs, which rose 1 percent,” said Tim Fleming, analyst for Kelley Blue Book. “These trends are likely to continue as retail sales weaken.”
Nissan North America’s average transaction prices rose an impressive 6% year over year in June. The Infiniti brand realized a 2% decline, which was overshadowed by 7% gains at the Nissan brand. A higher mix of trucks and SUVs is responsible for the large increases in the Nissan brand, while the new Armada SUV again saw the greatest improvement, climbing 19%. The Infiniti brand’s average was lowered primarily by the new entry-level QX30 crossover, which is transacting in the $35,000 range.
Hyundai-Kia’s average transaction prices were flat in June, with the Hyundai brand down 4% and the Kia brand rising 2%. The Kia Sportage has continued to perform well with a year-over-year improvement of 3%. Meanwhile, the new Genesis brand is seeing a strong start in its first year, with average transaction prices just north of $50,000.