2024 NADA Data Mid Year
2024 NADA Data Mid Year
R E P O R T
2024
ANNUAL FINANCIAL PROFILE
OF AMERICA’S FRANCHISED
NEW-CAR DEALERSHIPS
NATIONAL
AUTOMOBILE
DEALERS
ASSOCIATION
Overview
The NADA Data financial profile of new-car dealerships is now published twice a year—as a full
annual review at year-end and as a midyear update.
This midyear 2024 review features the many major milestones achieved by the retail auto
industry during the first half of 2024, including such highlights as:
• The nation’s 16,936 franchised light-vehicle dealers sold 7.8 million light-duty
vehicles.
• Total franchised light-vehicle dealership sales topped $613 billion.
• Dealerships wrote more than 133 million repair orders, with service and parts sales
exceeding $76 billion.
In the first half of 2024, new light-vehicle inventory continued to grow steadily. At the end of
June 2024, new light-vehicle inventory on the ground and in transit totaled 2.8 million units,
an increase of 48% year over year. More available inventory meant consumers didn’t have to
wait as long to secure a new vehicle as they did during the past several years. Days’ supply
Patrick Manzi by brand varied significantly across the industry, as OEMs with vehicles most in demand saw
Chief Economist, NADA their inventory sell quickly. Looking ahead, we expect that inventory levels will increase slightly
throughout the remainder of the year and that the industry will see month-to-month sales and
inventory patterns that were considered normal before the turbulent few years caused by the
pandemic and microchip shortage.
As inventory levels have grown so, too, has OEM incentive spending. According to J.D. Power,
average incentive spending per unit totaled $2,695 in June 2024, up 55% from June 2023.
Still, inventory levels vary by OEM, and those with more available inventory are likely to have
higher incentive spending in the second half of 2024. Average new-vehicle transaction prices
were roughly flat at the end of June 2024. The average new-vehicle transaction price at
that time decreased by $53 year over year, a decline of 0.1% and significantly less than the
previous year’s increase of 3.7% We expect that average transaction price growth will be flat to
up slightly for the remainder of 2024.
To improve the breadth of information provided in NADA Data, we offer a section focusing on
the new- and used-vehicle consumer, with in-depth data from Experian. These stats include
average monthly payment, average loan term, leasing and more.
Note: NADA Data was first published in 1979, and some of the methodology and data sources have naturally changed
along the way. Therefore, previous reports may not be directly comparable with the current version.
CONTENTS
Franchised Dealership Workforce ..................................................................................2
New Light-Vehicle Dealerships ......................................................................................3
Dealership Financial Trends ..........................................................................................5
New Light-Vehicle Department ......................................................................................7
Used-Vehicle Department .............................................................................................9
Service and Parts Department .....................................................................................10
Body Shop Department ..............................................................................................12
Dealership Advertising ...............................................................................................13
Employment and Payroll ............................................................................................14
New- and Used-Vehicle Consumer................................................................................16
Total sample, franchised dealerships $1,470 $1,554 $1,987 $2,045 $1,929 ▼ 5.7%
Franchised dealers, same stores $1,494 $1,565 $2,026 $2,071 $1,965 ▼ 5.1%
Franchised dealers, same employees $1,560 $1,665 $2,126 $2,218 $2,025 ▼ 8.7%
BLS U.S. private sector $963 $1,015 $1,063 $1,114 $1,160 ▲ 4.1%
Total sample, franchised dealerships $1,142 $1,181 $1,392 $1,461 $1,464 ▲ 0.2%
Franchised dealers, same stores $1,160 $1,179 $1,428 $1,483 $1,489 ▲ 0.4%
Franchised dealers, same employees $1,219 $1,245 $1,450 $1,551 $1,536 ▼ 1.0%
BLS U.S. private sector $917 $966 $988 $1,059 $1,117 ▲ 5.5%
5.5%
5% 4.1%
0.2% 0.4%
0% N/A
-1.0%
-5%
-5.1% -4.3%
-5.7%
-10%
-8.7%
Total Sample, Franchised Dealers, Franchised Dealers, BLS Franchised BLS U.S. Private Sector
Franchised Dealerships Same Stores Same Employees Dealerships
Source: Bureau of Labor Statistics (BLS), NADA
16,936
Arizona 253 New Hampshire 133
Missouri 374
Total U.S. 16,936 0
Montana 94 1-149 150-299 300-499 500-749 750-1,499 1,500+
Source: NADA Source: NADA
Number
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
of stores
1-5 95.0% 94.8% 94.4% 94.3% 94.0% 93.8% 93.7% 93.2% 92.7% 92.2% 91.4%
6-10 3.4% 3.5% 3.8% 3.9% 4.1% 4.2% 4.2% 4.4% 4.8% 5.0% 5.3%
11-25 1.4% 1.5% 1.5% 1.5% 1.5% 1.6% 1.7% 1.9% 2.1% 2.2% 2.6%
26-50 0.1% 0.1% 0.1% 0.2% 0.2% 0.3% 0.3% 0.3% 0.3% 0.4% 0.5%
Greater than 50 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2%
Source: NADA
525 $30.99 30
$30.00
$518.74
$503.86
475 $26.30
25
Average per dealership, blue graph (right scale),
in millions of dollars
425 $437.80
20
2018 2019 2020 2021 2022 2023 2024
Source: NADA
Share of Total Dealership Sales Dollars, 2023 vs. 2024, June YTD
Service, parts Service, parts
and body shop and body shop
12.6% 13.1%
2023 2024
Source: NADA
2,819,707
3
60
Import Import
50
2
40
1 Domestic
30 NEW-VEHICLE
DAYS’ SUPPLY
58 47
domestic import
0 20
2018 2021 2024 2018 2021 2024
Source: Automotive News, Wards Intelligence
Number of New Vehicles Sold and Selling Price by Year, June YTD
Year Average new vehicles sold Average retail selling price
D
SOL
2018 511 $35,249
2021
2022
2023
498
404
455
$40,232
$45,646
$47,331
$47,278
AVERAGE SELLING PRICE OF
NEW VEHICLES SOLD
2024 461 $47,278
(by new-vehicle dealerships)
Source: NADA
7 6.75
6.44 6.48 6.39
6
0
2018 2019 2020 2021 2022 2023 2024
Source: NADA
In thousands of dollars
$30.80 D
$31 SOL
$29.59
$28.30
29
27
$28,302
$24.54
25
19
2018 2019 2020 2021 2022 2023 2024
Source: NADA
Other $5.57
Dealerships’ Total Service and Parts Sales by Year, June YTD
Total parts $43.84
In billions of dollars
Source: NADA
$80 $76.31
$73.76
$68.89
70
60
$58.40
$62.55 $60.43 $76.31 billion
$51.94 SERVICE AND PARTS SALES
(for all new-vehicle dealerships)
50
40
30
2018 2019 2020 2021 2022 2023 2024
Source: NADA
Total service and parts sales per customer repair order $450
Total service and parts sales per warranty repair order $506
Source: NADA
$4.01
4.0 $3.83
$3.64
$3.28 $3.27
$2.88 $2.95
3.0
2.0
2018 2019 2020 2021 2022 2023 2024
Source: NADA
600
2018 2019 2020 2021 2022 2023 2024
Source: NADA
$4.46 billion
3.5
3 TOTAL DEALERSHIP
2018 2019 2020 2021 2022 2023 2024 ADVERTISING EXPENDITURES
Source: NADA
Average Dealership Advertising per New Unit Sold by Year, June YTD*
In dollars
$703
$700 $695 $692
$655
650 $642
$640
600
$541
550
500
2018 2019 2020 2021 2022 2023 2024
Source: NADA
*Advertising expense includes advertising and sales promotion minus advertising rebates. Some advertising data is reported in one account that includes sales promotion and already is minus advertising rebates.
1.1
1.09
70
19.4% 18.3%
70
68 1.05 1.06
1.01 Supervisors
65 13.3%
64
63 63
64 25.1%
1.0 60
23.8%
■ Total of all dealerships (left scale, in millions)
■ Average number per dealership (right scale) Technicians
Other service and
parts employees
0.9 50
2018 2019 2020 2021 2022 2023 2024 Source: NADA
Source: NADA
California $10.66 $7.97 Michigan $2.83 $4.68 Rhode Island $0.26 $4.95
Colorado $1.64 $6.61 Minnesota $1.43 $4.28 South Carolina $1.32 $5.02
Connecticut $1.10 $4.36 Mississippi $0.59 $3.32 South Dakota $0.31 $3.69
Idaho $0.51 $4.94 New Hampshire $0.63 $4.76 Virginia $2.48 $5.30
Illinois $3.35 $4.78 New Jersey $2.96 $6.38 Washington $1.84 $5.89
Indiana $1.65 $4.15 New Mexico $0.48 $4.37 West Virginia $0.39 $2.95
Iowa $0.92 $3.53 New York $4.32 $5.03 Wisconsin $1.57 $3.39
Kansas $0.69 $3.39 North Carolina $2.93 $5.04 Wyoming $0.14 $3.01
15,000
Market Share of New-Vehicle
10,000
Financing (Loan/Lease) by
5,000 Lender Type, 2023 vs. 2024, Q2
0 Q2 2023
Q2 2023 Q2 2024
57.3%
Captive
Percentage of New Vehicles Leased, Q2
15
60.6%
Captive
10
5
21.3% 10.3%
Bank Credit
0 union
Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024
1.2% 6.7%
Source for all charts on this page: Experian Automotive. For more information, visit experian.com/automotive.
BHPH/Other Finance
600 38.5%
$536 61-72 mo.
$525
500
16.8%
400
29.4% 49-60 mo.
73-84 mo.
300
13.7%
200 1-48 mo.
100
1.7%
0 85+ mo.
Q2 2023 Q2 2024
Average Loan Term in Months, 2023 vs. 2024, Q2 Q2 2024
72
■ New ■ Used
40.8%
70 61-72 mo.
Q2 2024
68.5
68.3
68 19.0%
27.1%
Q2 2023
67.4 67.4 49-60 mo.
73-84 mo.
66 11.4%
1-48 mo.
64 1.8%
85+ mo.
62
60
Q2 2023 Q2 2024
Source for all charts on this page: Experian Automotive. For more information, visit experian.com/automotive.
11.47% 12.01%
12%
10
8
6.78% 6.84%
0
Q2 2023 Q2 2024
11.5% 11.6%
Near prime
Near prime
42.5% 44.7%
Super prime Super prime
41.0% 38.1%
Prime
Prime
2023 2024
Source for all charts on this page: Experian Automotive. For more information, visit experian.com/automotive.