Canadian new light vehicle sales in July inched up 6.2% from June to 165,020 units following month-on-month increases of 147% and 37.3% in May and June, respectively, signaling steady recovery in the country's automotive market, DesRosiers Automotive Consultants said Aug. 5.
"Giant strides become moderate steps, but still, the momentum is forwards," DesRosiers said in a report. "After the brutal sales collapse seen in April, the market had leapt back in May and then June."
DesRosiers said July sales only fell 4.9% from July 2019 numbers compared with much larger year-on-year declines in April (down 74.6%), May (down 44%) and June (down 16.2%).
In fact, vehicle sales for July 2020 ranked as the seventh best July performance in Canadian automotive history, according to the consultants.
"The extent to which this sales success was pent-up demand from the 'lost' spring versus a more sustainable recovery remains to be seen," DesRosiers said. "The long-term implications of COVID-19 on the economy and the automotive market are far from clear and will likely include more twists and turns."
On a seasonally-adjusted annual rate, the Canada-based firm calculated July sales at 1.8 million vehicles, up from about 1.6 million in June and down from about 1.9 million vehicles in July 2019.
