A stabilization in non-gasoline retail sales became apparent in the third quarter of the year, when new vehicle dealers saw retail sales jump 1.5 per cent so far in 2024, over the same period in 2023, with a 3.1 per cent increase in the third quarter alone.
The data was pulled from a recent update from DesRosiers Automotive Consultants, in which they also mentioned that used vehicle dealers saw a modest increase of 1.1 per cent above the first three quarters of 2023 — with the third quarter up 1.7%.
“The modest pickup in non-gas automotive retail sales in the third quarter was a welcome sight,” said Andrew King, Managing Partner at DAC, in a statement. “So far, retail sales figures appear to point towards a rather unremarkable year, which in itself may be a welcome change from recent history.”
Retail sales at automotive parts, accessories, and tire stores, which vary month-to-month, remained flat on average over the past nine months; a 1.5 per cent increase was noted in the third quarter.
And retail sales at gasoline stations were down overall by 2.2 per cent year-to-date, and 5.3 per cent for the third quarter, thanks mainly to lower gas prices.
DAC said September 2024 saw declines as average gas prices fell to $1.50 per litre compared to $1.68 in the same month in 2023.
