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Record year possible for Canadian auto sales: BMO

With Canadian auto sales setting a June record and the first half of the year close to the best six-month stretch on record, sales for all of 2012 will challenge the all-time mark of just over 1.7 million units set in 2002, according to BMO...


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July 9, 2012 by Canadian Plastics

With Canadian auto sales setting a June record and the first half of the year close to the best six-month stretch on record, sales for all of 2012 will challenge the all-time mark of just over 1.7 million units set in 2002, according to BMO Economics.

June 2012 saw a 2.8 per cent rise year-over-year in Canadian auto and truck sales, BMO said, lifting the gain for the entire first half of 2012 to 7.1 per cent year-over-year.

“These figures contrast significantly with recent cautious readings on consumer confidence and the broader economy,” said Douglas Porter, deputy chief economist, BMO Capital Markets.

The financial services organization also predicted a possible boon for consumers. “There is good news for buyers on all fronts as companies roll out redesigned models in the compact, mid-sized and luxury segments,” said Robert Sadokierski, BMO’s head of dealership financing.