Saturday, May 31, 2025

Latest

New Vehicle Purchases Rebound for Second Consecutive Month, June Sales Surpass Pre-Pandemic Levels by 18%

As the coronavirus pandemic brought many sectors of Canada’s economy to a screeching halt in the spring, it appears that many have been faring quite well on the road to recovery, including the auto sales industry.

According to latest data released by Statistics Canada, new vehicle sales increased by 36.5% in June, marking the second consecutive increase since vehicle sales plummeted back in March. In fact, the latest data shows that June’s levels are 18% above the pre-pandemic levels of February, suggesting that the rebound in the auto market is well underway.

When the Canadian government imposed stringent restrictions aimed at curbing the spread of the virus in March, many dealerships were forced to shut their doors and resort to online sales. In the meantime, many consumers opted to stay home and refrain from making large purchases for the time being. As a result, between March and April new vehicle sales fell by more than 50%, causing many dealerships to introducing a variety of sales tactics to get consumers buying new vehicles once again.

However, as many restrictions were being lifted across the country, the pent-up demand became evident; sales numbers increased by 31% in May compared to the month prior, followed by yet another positive increase of 39,906 units in June. The month of June saw new vehicle sales nearly reach $6.6 billion – the highest since the beginning of the year.


Information for this briefing was found via the Wall Street Journal and CNN. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Canada’s 2021 Drilling Forecast Upgraded Due to Higher Commodity Price Outlook

Amid a rise in global crude oil prices in the beginning of the year, the...

Friday, January 29, 2021, 11:42:00 AM

Canada Looks To Ban Import Of Russian Oil

Well, it’s official. Canada is formally looking to ban imports of oil from Russia on...

Monday, February 28, 2022, 10:45:05 PM

Canadian Retail Trade Declines by Most Since 2009 Financial Crisis

Retail sales across Canada dropped by the most since April’s historic lows, falling by 3.4%...

Sunday, February 21, 2021, 11:35:00 AM

Retail Sales Soar as Canadians Embark on Shopping Sprees Amid Reopening

Canadian retail sales strongly rebounded in June, as consumers flocked to brick-and-mortar stores following a...

Sunday, August 22, 2021, 03:24:00 PM

After BC, Federal Government to Go After Short-Term Rentals

Inspired by new legislation in British Columbia, the federal government is taking action to address...

Thursday, October 19, 2023, 12:07:00 PM