Record July LV Sales in Canada
Executive Summary
Despite seasonal a slowdown, Canadian LV sales set a new July benchmark, thanks to record light-truck sales.
Sales of new light vehicles in Canada set a July record despite the fact the month had only 25 selling days .this year compared with 26 a year ago.
Some 181,650 new cars and light trucks were driven off dealer lots in July, a rate of 7,266 daily, and a gain of 9.1% from the 173,158 sold a year earlier at a 6,660-a-day pace.
It also marked a 6.5% rise from the prior July benchmark set in 2015, when 177,731 units were delivered over 26 selling days.
Although July’s selling pace was down 7.0% from June, the decline reflected a normal seasonal downturn, albeit a somewhat larger one than in the past several years.
As has been the case for some time, consumer demand for light trucks pushed July sales into record territory.
Light-truck deliveries totaled a record 123,655 units, the eighth consecutive July benchmark, that bested prior-year’s 114,223 by 12.6%.
No surprise was the fact car sales remained in the tank as consumers continued their migration toward CUVs, pickups and SUVs.
The 57,995 new cars delivered last month was the third-lowest July tally in the past 32 years.
Although one less day boosted July’s selling rate 2.3% over year-ago, total volume fell short of the 58,925 cars sold in July 2016.
At an average daily rate of 6,920, LV sales in the first seven months totaled a record 1,217,879, keeping 2017 on track toward a new all-time high.
Given the lead so far, deliveries for the remainder of year would have to decline some 17%, to less than 5,750 daily, to prevent automakers from besting the 1,947,674 units sold in record-year 2016.
