The retail and wholesale used car markets demonstrated mixed results in Q1; the markets originally starting the year off strong but completed the first quarter with a less than ideal conclusion, according to data collected by Cox Automotive Canada’s Dealertrack portal and Manheim auctions.
“When looking at both the Wholesale and Retail Used Car Markets in Canada, our data shows a first quarter that began with positive signs but ended with the unprecedented impacts from COVID-19,” said Maria Soklis, President of Cox Automotive Canada.
Data from Cox Automotive Canada’s Dealertrack Online Credit Application Network reveals that the volume of funded used vehicles dropped by 1.5% in Q1, year-over-year. In March it was down 15.4%, YOY. Average retail prices of funded used vehicles also declined 1.5% in Q1, though six out of the top 10 revealed a slight price increase, YOY.
“During times like these, we hope that insights from our data can help the industry find a path to recovery quickly and efficiently so we can all get back to providing Canadians with the vehicles they need while also helping drive our economy forward,” said Soklis.
On the vehicle front, the Ram 1500, Honda Civic, and Hyundai Elantra were slotted as the Top 3 Retail Funded Used Vehicles for Q1 2020. The Ram 1500 pickup was the top funded vehicle in Canada during this period, with the compact Honda Civic a runner up in volume and the Top Funded Used Passenger Car for the same period.
The Toyota RAV4 replaced the Chevrolet Cruze on the top 10 list, the Dodge Grand Caravan minivan dropped down from third in Q1 2019, and the Hyundai Elantra and Ford F-150 moved up one place.
“When looking at our data and comparing the first quarter of 2020 and 2019, we see SUVs and Trucks taking an even stronger hold on the Retail Used Car market. The only small cars to make the top 10 were the Civic, Elantra and Corolla,” said Soklis.
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