Ottawa, Ontario -- January 6, 2014 -- The Canadian retail automotive market posted a new record in 2013, with 1.74 million new cars sold in Canada last year. This is only the second time the retail market has surpassed 1.7 million units in Canada, and breaks the old record set in 2002. The 2013 record represents four percent growth over 2012 and is a new sales record for Canada's new car dealers.
"This is great news for our dealer network, obviously, but also for the economy as a whole and for Canadian consumers," said Michael Hatch, Chief Economist of the Canadian Automobile Dealers Association (CADA). "Consumers are responding to an optimistic and rebounding industry, with high levels of product affordability and the best product choice we've ever seen. New car prices have mostly defied regular inflationary pressures in the past decade and we're seeing that manifested in record levels of demand."
The industry has gone through many changes and challenges since the recession of 2009 and the restructuring of much of the North American auto industry that came in its wake.
"Our dealership network experienced some serious setbacks over the past number of years," said Hatch. "That we can stand today with a new sales record for the Canadian market is a huge accomplishment. Record levels of new car demand in the marketplace mean that consumers are confident in the economy's performance and that's great news for car dealers, their customers, and all Canadians. Overall the record was driven by historic levels of new vehicle affordability and quality combined with solid consumer demand."