2023-09-08 21:46:18
• The month of August saw sales grow 18.3% in Canada compared to the same period last year.
Prices for new vehicles have never been higher. It rose to over $66,000 recently in Canada, which is mind-boggling. In this context, we might expect to see a drop in sales.
However, in August, the opposite happened, as reported by the Automotive News site which cites data from the consulting firm DesRosiers Automotive. Sales grew by 18.3% compared to the same period last year.
To talk regarding more precise figures, manufacturers sold 149,697 vehicles in the country last month. It should be noted that these are estimates, because several manufacturers only publish their results quarterly. Ford does it once a year. However, the expertise of the DesRosiers firm allows us to still rely on its results.
However, she urges caution, explaining this: “the month of August 2022 was very weak, the worst since 1999. However, the strength of the market this year remains impressive”.
Photo : Toyota
The ENS Toyota dealership in Saskatoon
If we go back before the pandemic, i.e. to the year 2019, we discover that at that time, 181,996 vehicles had been sold. We have therefore not returned to pre-Covid-19 levels with regard to the month of August.
Despite everything, we see an upward trend. The month of August was the tenth in a row where an increase was noted compared to the previous year.
Among manufacturers that report their results on a monthly basis (ten brands, seven manufacturers), none recorded a decline in August, according to Automotive News magazine’s research and data center in Detroit. This is the second month in a row that this has happened, confirming the recovery in sales across the industry.
Two things explain this phenomenon; greater availability of vehicles, as well as several purchases that were postponed by many buyers during the pandemic.
We remain cautious for the future, however. “It will be interesting to see whether market momentum can be maintained in the coming months in light of high interest rates, weakening economic performance and record new vehicle prices,” the firm added. Roses.
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