March 1st, 2024

January auto sales jump nearly 15% as ‘pent-up demand’ continues to drive trends

By The Canadian Press on February 2, 2024.

SUVs for sale are seen at an auto mall in Ottawa, on April 26, 2021. DesRosiers Automotive Consultants says auto sales jumped 14.9 per cent in January compared with the year before as manufacturers reported an estimated 112,862 transactions for the month. THE CANADIAN PRESS/Justin Tang

TORONTO – DesRosiers Automotive Consultants says auto sales jumped 14.9 per cent in January compared with the year before.

Manufacturers reported an estimated 112,862 transactions for the month, up from 98,259 units in January 2023.

Andrew King, managing partner at DesRosiers, says January sales levels were also above the same month from 2019, as pent-up demand since the pandemic continued to overcome high interest rates and economic concerns.

He says inventories remain tight but the market “is moving back into a more normal environment in which demand (rather than just supply) plays a more central role in determining sales volumes.”

The gains in January marked 15 consecutive months of growth following 10.7 per cent year-over-year sales growth in December.

The seasonally adjusted, annual rate for January was 2.06 million, crossing over the two million mark for the first time since February 2020.

This report by The Canadian Press was first published Feb. 2, 2024.

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