In $2022,$ the U$.$S$.$ auto market faced a unique challenge: more buyers than available cars. Despite this, new light$-$vehicle sales reached $13\mathrm{.}7$ million units, marking the lowest full$-$year sales total since $2011.$ The decrease of $8\mathrm{.}2\%$ compared to $2021$ was primarily due to the ongoing semiconductor microchip shortage and other supply chain disruptions. Light trucks accounted for nearly $80\%$ of all new vehicles sold, with crossovers remaining the most popular segment.

Interestingly, alternative fuel vehicles gained market share. Sales of hybrids, plug$-$in hybrids $($PHEVs$),$ and battery electric vehicles $($BEVs$)$ constituted $12\mathrm{.}3\%$ of all new vehicles sold, reflecting a $2\mathrm{.}7\%$ increase from the previous year. Franchised dealerships nearly doubled their BEV sales in $2022,$ reaching $259,728$ units, a remarkable $92\mathrm{.}1\%$ surge compared to $2021.$ These dealerships captured $35\mathrm{.}2\%$ of the total new vehicle BEV market.

As we step into $2023,$ the trend continues with BEV sales growth driven by new models from legacy automakers hitting showrooms and increased BEV inventory availability. The North American light$-$vehicle production is expected to rise to $15\mathrm{.}4$ million units in $2023$ as supply chain issues gradually improve. However, the average new vehicle price in December $2022$ is projected to be $$46,382,$ reflecting a $2\mathrm{.}5\%$ increase compared to December $2021.$ Despite lower overall incentive levels, December $2022$ saw the second month where average incentive spending per unit exceeded $$1,000.$ Higher vehicle prices, depressed OEM incentive spending, and surging interest rates contributed to higher monthly consumer car payments.