Retail sales returned to stability for the first quarter of 2024 with a performance that DesRosiers Automotive Consultants described as decidedly muted across the Canadian automotive industry.
“Gasoline stations saw some pullback as a result of falling gas prices, down 3.4% compared to the same time last year, and down 5.7% compared to the first quarter of 2022,” said DAC in its update.
Used vehicle dealers, however, experienced a 1.8% increase in retail sales during the same period, despite year-over-year decreases that loomed over the end of 2023.
As for new vehicle dealers and auto parts and accessories stores, they saw only minor increases—although this outcome is also a matter of perspective, as they remain 26.9% and 43.7%, respectively, ahead of Q1 2019 results.
“The large run-up in retail sales that the market has witnessed over the past few years appears to have finally levelled off across much of the industry,” said Andrew King, Managing Partner at DAC, in a statement. “Minor increases and stability appear to have reclaimed the norm in lieu of pervasive growth.”
