Lower gas prices contributed to “stunning” Canadian auto sales in October, but strong demand is creating a new problem for dealerships: they’re running out of cars.
Vehicle sales came in at a seasonally adjusted annualized rate of more than two million for the second month in a row, according to data compiled by DesRosiers Automotive Consultants — a pace the consultancy called “stunning.”
Canadian auto sales hit a record in July as cars and trucks continue to fly off dealership lots at a blistering pace in 2013.
Canada is not the only country experiencing strong demand from consumers with a dearth of used vehicles in the market four years after the recession, when fewer cars were taken on leases and are coming off lease now.
Global auto sales are on pace to hit a record in 2013, a remarkable turnaround for the industry that was in the midst of a crisis just four years ago.
FordIn about two weeks, December 2015 US auto sales will be reported and we'll know whether the total tops the previous all-time high, set in 2000.
An impressive 17.4 million new cars and trucks rolled off dealer lots back then, 15 years ago.
But 2015 could better that milestone by over half a million vehicles.
US automakers have achieved double-digit sales growth in November, to keep auto sales on pace for a record year in 2015. Overall, new vehicle sales in the US surged by 1.4% last month year-over-year (YoY) to 1.32 million vehicles, reported Autodata Corp. The same research company also reported seasonally adjusted annualized vehicle sales of 18.91 million vehicles.
FordAutomakers are reporting February sales on Tuesday, and some of the numbers are blowing through expectations.
For the Detroit Big Three, both Ford and Chrysler have notched big year-over-year improvements from February 2015 (20% and 12%, respectively).
Justin Sullivan/GettyThe automakers who sell cars and trucks in the US are reporting December sales throughout the day on Tuesday and its a nail biter.
The industry was on a tear in 2015, running at or above a torrid 18-million sales pace for much of the year.
Canadians flocked to dealership lots at a record pace in August, enticed by generous incentives and a dearth of used vehicles in the marketplace.
But the blistering pace at which new cars and trucks are flying off the lots is starting to raise some yellow flags for the road ahead for both automakers and consumers.
Overall auto sales in Canada hit an record high in August, up 6.5% over the same month last year. It marked the second-straight monthly sales record in the country.
Canadian auto sales are expected to come in just shy of a new record in 2012 after another strong month of sales across the country in November.
Ford Motor Co. of Canada, Ltd. remained the top seller in Canada for the month – and for the year to date – with sales up 7.4% year-over-year. The company said that was driven by a 14% jump in car sales during the month and a 6% rise in truck sales.
The Canadian auto industry has seen incredible growth in 2012