Auto Sales Hit One-Million Mark by Midway Point of Year for First Time

By Hodges, David | The Canadian Press, July 4, 2017 | Go to article overview

Auto Sales Hit One-Million Mark by Midway Point of Year for First Time


Hodges, David, The Canadian Press


Canadian auto sales surpass one million

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TORONTO - Despite slumping passenger car sales, for the first time more than one million new vehicles have been sold in Canada by the midway mark of the year.

DesRosiers Automotive Reports says overall car and light truck sales increased five per cent, with 1,039,068 vehicles moving off lots from January through June compared to the same time period last year.

The market research firm says auto sales in June also set a new record, with 203,486 vehicles sold, 6.5 per cent more than during the same month a year ago.

Like in the past, sales of light trucks led the way in June, rising by 10 per cent year-over-year, and easily offsetting a 0.1 per cent decline in passenger car sales. Year-to-date, passenger car sales were down two per cent while light truck sales were up 8.8 per cent.

While this is the strongest start on record for Canada, DesRosiers says a different picture has been forming in the U.S. where new vehicle sales have been down for four consecutive months as of June.

"Surpassing 2016 as an all-time record setting year may not be a foregone conclusion should Canada start to follow that trend in the latter half of the year," the firm said in a release.

Increasingly strong signals from the Bank of Canada that rock-bottom interest rates are nearing an end may also play a role in slowing down the furious pace of car sales, says Equifax Canada. …

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