Retail sales continued to be strong for Canada’s auto sector–including continued strength in the aftermarket– through the first seven months of 2022, reports DesRosiers Automotive Consultants.
Buoyed by rising fuel prices, gasoline stations saw a massive near forty percent increase, significantly above average inflation rate notes DesRosiers Automotive Consultants (DAC).
Automotive parts, accessories, and tire stores continued to follow the previous trend of strong performance for the aftemarket that has been documented throughout the rebounding economic conditions.
DAC reports that retail sales climbed 10.4% compared to the same period in 2021 for this aftermarket sector.
New vehicle dealers saw modest growth in retail sales, up 2.5%, as semiconductor related supply constraints continue to limit the number of new vehicles on lots.
The clear outlier in auto sector retail sales so far in 2022 are used vehicle dealers, says DAC.
Retail sales dropped from $8.8 billion in 2021 to $8.2 billion this year. Still, however, retail sales at used vehicle dealers remained well above pre-pandemic levels; more than ten percent above the equivalent 2019 7-month figure of $7.4 billion.
As Andrew King, Managing Partner at DAC commented “for used vehicle dealers the story is one of strong prices but limited vehicle supply. While prices have stabilised in recent months, they remain at near record levels. However, severe vehicle shortages exacerbated by a lack of trade-ins and by exports to the US market, mean many used vehicle dealers are starved of product to sell”.
DAC publishes a detailed market examination and outlook for the used vehicle market – documenting sales by region, brand, and channel. For more information and pricing contact Daniel Azarov at firstname.lastname@example.org.