Auto sales rise 5.6% in August but DesRosiers says growth set to slow
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Hey there, time traveller!
This article was published 05/09/2024 (757 days ago), so information in it may no longer be current.
TORONTO – DesRosiers Automotive Consultants says August auto sales were up 5.6 per cent compared with the same time last year but predicts sales gains will be tougher to come by in the coming months.
The consultancy estimates 165,000 units were sold in August, calling it healthy year-over-year growth.
It adds, though, that the sales activity was still below pre-pandemic levels, when auto sales for August regularly topped 180,000 units.
DesRosiers says sales were up 10.5 per cent as a whole during the first seven months of the year as vehicle supply improved.
Andrew King, managing partner at DesRosiers, says the market’s ability to keep producing significant percentage gains will be more difficult heading into the end of the year as the final four months of 2023 were strong, creating tough benchmarks to beat.
DesRosiers cites rising unemployment, declining GDP per capita, and high vehicle prices as factors that could also affect auto sales in the coming months.
This report by The Canadian Press was first published Sept. 5, 2024.