U.S. dealers gear up for tax-return season as consumers are ready to spend
Canadian Auto Dealer
by Canadian auto dealer
4d ago
Dealers in the United States are gearing up for a surge in car-buying activity as the tax-return season approaches, according to Cars.com. The company recently released its March Industry Insights Report, which found that U.S. dealers increased their new car inventory almost 9 per cent month-over-month due to their anticipation that consumers will be spending more money during this period. Consumer searches for new cars climbed nearly 4 per cent. “This increased activity indicates a strong consumer readiness to utilize tax refunds for vehicle purchases,” said Rebecca Lindland, Senior Director ..read more
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Turo teams-up with Vancouver, Calgary airports to broaden vehicle exchanges
Canadian Auto Dealer
by Canadian auto dealer
4d ago
Peer-to-peer car sharing marketplace Turo has teamed up with the Vancouver International Airport (YVR) and Calgary International Airport (YYC) to provide vehicle exchange locations for its clients. As a next-step in broadening its reach, the company wants to ensure consumers that use Turo’s services can access one of its vehicles upon arrival at the airport. In Vancouver, this means Turo users can park their vehicles in the parkade. In Calgary, it means they can do so in the overheight public parking lot, the economy parking lot, or parkades P1 and P2. “Travellers arriving in Vancouver and Ca ..read more
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Study explores link between auto thefts and insurance premiums
Canadian Auto Dealer
by Canadian auto dealer
4d ago
Brampton, Ont., has recorded one of the highest carjacking rates with around 5.25 incidents per 1,000 residents, according to a recent study conducted by MyChoice Financial, an insurance comparison service in Canada. Brampton, they said, tops their list of most expensive car insurance premiums in the province at $2,922 per year. The study uses both company internal quote data and the Ministry of Transportation data to better understand and connect carjacking rates with auto insurance premiums across Ontario. MyChoice said Etobicoke and Scarborough have theft rates of 4.96 and 3.84 respectivel ..read more
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Global EV sales are cooling, but don’t blame chargers and range
Canadian Auto Dealer
by Canadian auto dealer
4d ago
Global electric vehicle sales are anticipated to increase by 21% this year and 19% in 2025, which is less than the 31% increase seen in 2023 or the 60% boost observed in 2022.  The EV market is cooling, which ABI Research said is obvious when considering sales data and statements from OEMs. However, they also make it clear that a shortage of chargers and limited ranges are not to blame for the slowdown. “While insufficient charging infrastructure and range limitations are often cited as reasons for this slowdown, they don’t fully explain the stagnation, especially considering that these ..read more
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Sales dip for luxury brands in Q1 in Canada
Canadian Auto Dealer
by Canadian auto dealer
4d ago
New Canadian light vehicle sales were split at the segment level for the first quarter of 2024, as DesRosiers Automotive Consultants observed an increase of 18.7% for the mass market category, and a decrease of 7.3% for luxury.  In its latest update, DAC noted that overall new light vehicle sales for Q1 jumped 15.3% among reporting OEMs, but that there has been an “extreme divergence” in sales patterns. Given this situation, they also said it is unsurprising that two of the three worst performing segments for Q1 within the luxury category were luxury cars (down 29.1%) and compact luxury ..read more
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Used vehicle market price decline slightly more than the prior week
Canadian Auto Dealer
by Canadian auto dealer
5d ago
This week Canadian Black Book’s Market Insights report reveals the used wholesale market experienced a decline in prices of -0.36% for the week ending on April 6. That is compared to -0.17% from the prior week.  The car segment was down -0.28% compared to -0.19% for the previous reporting report. And truck/SUV segment prices slipped -0.43% compared to the prior week’s -0.16%. Two out of 22 segments’ values increased for the week.   “The Canadian market continued to decrease, with declines that were slightly more than the prior week,” said CBB in its report, later adding that “M ..read more
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Otto to offer mobile automotive services to consumers in Halifax region
Canadian Auto Dealer
by Canadian auto dealer
5d ago
Mobile automotive services company Otto has been launched in Halifax Regional Municipality by CAA Atlantic, as new players and company divisions seek an opportunity in an automotive industry that continues to shift and transform.  Dealers will want to be aware of these types of service as they could eat into their own business. Described by CAA Atlantic as an evolution of its seasonal mobile tire program, Otto will offer a range of automotive services to consumers without the need for them to bring in their vehicle. Instead, the services are offered seven days a week and are brought to t ..read more
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B.C.’s Gen Z, young millennials want to work for socially and environmentally responsible companies
Canadian Auto Dealer
by Canadian auto dealer
5d ago
Eighty-seven per cent of Gen Zs and young millennials in British Columbia will only work for a socially and environmentally responsible company, according to a new survey conducted by the British Columbia Automobile Association (BCAA) among members of the Angus Reid Forum. The survey covered 18-34 year-olds living in B.C. and aims to learn more about what Gen Zs and young millennials look for in the workforce. Based on the findings, 61% will only work for responsible companies, while 65% would work even harder for companies that are socially and environmentally responsible. However, 49% of re ..read more
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Ontario’s OPP, Canada Border Services Agency recover 598 stolen vehicles before illegal shipment
Canadian Auto Dealer
by Canadian auto dealer
5d ago
Amid increasing auto theft cases across the country, the Ontario Provincial Police (OPP) and the Canada Border Services Agency (CBSA) managed to recover 598 vehicles before they could be illegally shipped overseas, according to an OPP news release. The recovery, part of Project Vector, took place last week and included 483 units from Ontario and 115 from Québec. The OPP’s report noted that around 75 per cent of the vehicles recovered from sea containers in Montréal are actually stolen in Ontario. “These vehicles were destined to be exported overseas, to markets in Asia, Europe, Africa, the Mi ..read more
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Loans 51-53% of total transactions for new/used vehicles, J.D. Power report shows
Canadian Auto Dealer
by Canadian auto dealer
1w ago
J.D. Power has released its Canadian report on Automotive Market Metrics for March 2024, in which it found that loans represented 51% of total transactions over the past 12 months for new vehicles while used vehicles represented 53%. The report also shows that cash represented 26% of the percent of total transactions for new vehicles and 45% for used vehicles, while leases were 23% for new vehicles and a mere 2% for used vehicles. As for the average monthly payment per customer, that fell between $840-$880, which is less than the prior month and March 2023. For the percent of new vehicle loan ..read more
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