January 2024 light vehicle sales based on reporting OEMS are cause for celebration, with the market rising from 2023’s 98,259 units up to an estimated 112,862. That is a gain of 14.9 per cent, according to DesRosiers Automotive Consultants (DAC).
“Notably, January sales levels were above the same month from 2019, as pent-up demand continued to overcome high interest rates and economic concerns,” said Andrew King, Managing Partner at DAC, in a statement. “While inventories remain tight in a couple of critical segments, the market is moving back into a more normal environment in which demand (rather than just supply) plays a more central role in determining sales volumes.”
The seasonally adjusted annual rate (SAAR) was 2.06 million during this period — representing the first time it has crossed over the two million mark since February 2020. However, DAC also notes that there are preliminary signs of weakness appearing in certain market strata, but for now they are willing to “take the win.”