[ad_1]
Image credit: Depositphotos.com
March is typically the start of the traditional selling season for new vehicles in Canada. But if February was any indication, that season my have already begun.
Last month was “easily the strongest February of all time,” according to DesRosiers Automotive Consultants. The company is estimating “an astounding” 129,000 units sold, a 24 per cent increase over February 2023.
The consultancy pinned the results on “the deep well of pent-up demand from the ‘lost sales’ of the past four years.” Managing partner Andrew King further added that the results show that “some of the hurdles of recent years — and specifically the supply constraints of new vehicles — are now well and truly in the rear-view mirror.”
The seasonally adjusted annual rate for the month hit 2.11 million units, a number not seen since January 2018.
The market has now seen 16 straight months of year-over-year growth.
“This is even more remarkable given that Canada has been in the midst of a per capita recession throughout the past year,” DesRosiers noted. “March brings the start of the traditional spring selling season, which should hopefully provide an indication as to how long pent-up demand can remain as the dominant market dynamic, in the face of increased vehicle prices and high interest rates.”
[ad_2]
