Canadian auto sales on track for record year

A new report by Scotia Economics suggests Canadians are buying new and used cars at a record pace. New and used auto sales combined could reach as high as 4.4 million vehicles this year, beating 2007’s record-setting 4.3 million sales. “While fleet volumes have only recently started to improve, purchases by Canadian households began to rebound last year, and are currently on a near-record pace,” says report author Carlos Gomes. “In fact, we expect 2010 retail volumes to climb to the second-highest annual level on record — only behind the 2008 peak.” Despite the healthy rebound in auto sales in Canada, the sector is still struggling due to weak sales in the U.S. and Western Europe.

Vancouver Sun