Vehicle sales in Canada continued to accelerate in February, the latest report from Scotiabank said, climbing 9% above a year earlier and setting a record for the month of February.
“We estimate that sales totalled an annualized 1.99 million units last month, above the 1.97 million unit pace in January and the full-year 2015 annual record of 1.90 million,” the Scotiabank Auto News Flash reported. “The torrid sales rate so far this year leaves annualized sales nearly 2% above the average of the final months of 2015, indicating that vehicle purchasing will continue to be a positive contributor to Canadian economic growth in 2016.”
North American automakers led the way last month with a double-digit year-over-year advance alongside broad-based gains in both their car and light truck segments, the report continued.
In the U.S., vehicle sales continue to cruise past expectations, as a solid labour market is boosting household income and buying power, and more than offsetting the impact of weak equity markets. “While North American auto-related equities remain in correction territory after losing 13% in the opening months of 2016, industry volumes are on track to climb to another annual record this year,” Scotiabank said.
Purchases rose 7% above a year earlier last month, lifting volumes to an annualized 17.5 million units – the second-highest for the month of February, and well above the full-year 2015 total of 17.4 million. “The robust sales pace and record transactions prices confirm that underlying demand continues to remain solid as households seek to replace their aging vehicles,” Scotiabank said.
