TORONTO — The new light vehicle market grew again in August, with sales jumping 18.3 per cent compared to the same time last year, according to DesRosiers Automotive Consultants Inc.
It marks the tenth straight month of year-over-year gains.
The firm says the increase was fuelled by improved vehicle supply and pent-up demand from the 1.1 million so-called lost sales that never happened over the first two years of the pandemic.
However, the firm notes August vehicle sales last year were the weakest comparable since 1999 for the month.
The firm predicted the auto industry would be in a rare scenario this year, with car sales rising despite a broader economic slowdown.
DesRosiers says it will be interesting to see if the market can sustain this level of growth in the coming months amid high interest rates, a weakening economy and high car prices.
This report by The Canadian Press was first published Sept. 6, 2023.
The Canadian Press
