CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

February Canadian light vehicle sales show record strong growth

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Sales of light duty vehicles in February as estimated by DAC came in at an astounding 129 thousand units – easily the strongest February of all time, showing a 24.4% increase over February 2023. PHOTO courtesy Stellantis.

February’s Canadian light vehicle sales indicate 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,” according to Andrew King, managing director of Desrosiers Automotive Consultants (DAC). And that’s welcomed news by the many job shops who serve the automotive sector.

Sales of reporting companies in February as estimated by DAC came in at an astounding 129 thousand units – easily the strongest February of all time, showing a 24.4% increase over February 2023.

“Supported by the deep well of pent-up demand from the “lost sales” of the past 4 years, the Seasonally Adjusted Annual Rate  for the month hit a roisterous 2.11 million units – the highest we have seen since January 2018. The market has now achieved 16 consecutive months of year over year growth,” King comments. “This is even more remarkable given that Canada has been in the midst of a per capita recession throughout the past year.” 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.

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