Things are looking good in the large pickup truck world, first quarter sales are in and new deliveries increased by an average of 17.9% across all makes and models. GM led the pack in terms of growth, Chevrolet Silverado and GMC Sierra sales increased enough for a collective 20.8% lift in compared to last year. Ram full-size truck sales also increased by a substantial 18.3% while Ford F-Series sales grew by a still impressive 15.7%.
The lowest volume trucks in this segment were also the ones that experienced the smallest rate of growth during Q1. Toyota Tundra sales were up 15.4% compared to last year which is still good, but the archaic Nissan Titian lagged way behind the rest of the segment only increasing by 10.8%.
In terms of overall volume, Ford managed to deliver 157,455 new F-Series units earning them the Q1 sales crown. Interestingly enough, if you combine Silverado and Sierra total sales GM actually trailed just 10 units behind Ford selling a combined 157,445 large pickups.
Chrysler Group was able to ramp up Ram sales by over 10k units compared to last year delivering 76,384 new units. Toyota and Nissan only accounted for a small piece of the sales pie. Tundra deliveries increased by over 3k units bringing their Q1 total to 23,580, during the same period Nissan only sold 5,112 new Titans.
Looking at average incentive spending at the model level shows that GM was the most aggressive with offers during Q1 2013. The three month average of the Sierra was the highest at $5,798 per unit followed by the Silverado at $5,331. Both pickups are at the end of their product lifecycle and it looks like GM is using incentives as a tool to clear out remaining inventory in order to make way for the new 2014s.
Year-over-year Sierra spending was up 16.9% and the Silverado trailed right behind with a 14.7% jump. Ford juiced spending as well on F-Series trucks by 17.2% on a year-over-year basis.
Toyota and Nissan increases were rather low at 8.2% and 4.3% respectively, but they were also the two brands that saw the least sales growth. The only brand to pull back in incentive spending was Ram, which decreased spending by 7.2%.
At first glance it may seem like the GM had the upper hand in terms of sales growth, but the further you dig shows that the real winner here is the Ram. Chrysler brand was able to increase Q1 Ram sales by 18.3% while cutting back on incentives by over $300 compared to last year, a prime example of a well-received new product with proper incentive control.