May new light vehicle sales in Canada came in at 169,000 units as estimated by DesRosiers Automotive Consultants — a far cry, but nevertheless a step in the right direction, when considering that pre-pandemic May 2019 sales came in at 202,000 units for reporting OEMs.
In a recent update, DAC said May 2024 sales were 5.7% above the levels of May 2023 and 20.0% above the “pitiful” 141,000 units sold in May 2022, back when the semiconductor issue and vehicle shortages were widespread. They said the seasonally adjusted annual rate (SAAR) for May 2024 clocked in at 1.63 million units — “the lowest we have seen so far in 2024.”
“It is somewhat concerning (if not unexpected) that the SAAR appears to be trailing off from the levels hit in January and February, when pent-up demand fuelled the market to lofty heights,” said Andrew King, Managing Partner at DAC, in a statement.
“However,” he continued, “we have now seen 19 consecutive months of year-over-year gains, and the market continues to move forward, albeit supported by an increasing range of sub-vented interest rates and other incentives.”
