Dealers in Canada may remember that April 2023 was the weakest month of that year from an automotive sales standpoint, suffering a lacklustre SAAR of 1.48 million units. This year the story is different.
New light vehicle sales have increased in April, with DesRosiers Automotive Consultants noting the market is up 14.0% to an estimated 164,000 units. The results show growth from 2023, though units are still well below pre-pandemic April’s more than 180,000.
DAC said the SAAR for April 2024 did reveal improvements from 2023, but that it was still “tepid” at 1.68 million units — “broadly in line with March, but a notable step down from the levels above 2 million seen in January and February.”
“As is often the case in unstable markets, corporate performance varied widely with some companies showing strong gains while others struggled,” said Andrew King, Managing Partner of DAC, in a statement. “The market has now seen 18 straight months of year over year gains — but momentum appears to be dissipating and sales pulling back from the torrid pace seen at the start of the year.”
Further updates from DAC will be shared as they come.
