Toronto, Ontario — The Canadian Automotive Dealers Association (CADA) recently published its 2023 Economic Impact Report, revealing total automotive sales for 2022 were up 20.6 percent from 2021.
The study—drawing on data collected from 2022—was developed in collaboration with accounting firm MNP and is meant to offer a comprehensive view of the economic contributions made by dealers across the country.
Upon releasing the report, CADA said that the data should also provide decision-makers with a clearer understanding of how integral dealers are to local and regional economies.
The second report of its kind issued by CADA, the 2023 Economic Impact report reveals that 3,458 new car and truck auto retailers sold 1,488,645 new vehicles and generated more than $28 billion of Canada’s GDP.
Further insights from the study show that dealers directly employed 167,790 people, with 56 percent of them in jobs requiring a post-secondary credential, professional certification or significant training, and dealers recorded a total revenue of $151.5 billion, of which 54 percent was attributable to the sale of new vehicles, and the remainder to parts, accessories, used vehicle sales and maintenance services.
When comparing this data from 2021, shop productivity was also seen to increase with ‘by stall’ production increasing from 74.30 percent in 2021 to 79.70 percent in 2022, and ‘by tech’ productivity increasing from 113.9 percent in 2021 to 116.9 percent in 2022.
“The data specific to each province is invaluable, especially when auto dealers engage with their regional and provincial politicians,” said CADA in a news release. “These reports will serve as crucial tools for effective advocacy, enabling the industry to communicate its significance to local economies.”
“As the automotive industry is going through major structural changes, better information sharing is key in ensuring that policy objectives are well aligned with what is being observed, on the field, by auto retailers,” said CADA.
To view the full report as well as individualized reports by province, click here.