Auto sales rise 5.7 per cent in May, says DesRosiers
Written by The Canadian Press on June 4, 2024
TORONTO — DesRosiers Automotive Consultants says light vehicle sales rose 5.7 per cent in May from last year as the market continues to recover from pandemic lows.
The consultancy estimates sales hit 169,000 for the month, up from around 160,000 last year and well above the “pitiful” 141,000 sold in May 2022.
DesRosiers says the seasonally adjusted annual rate at 1.63 million units was the lowest so far this year.
Andrew King, managing partner at DesRosiers, says it’s somewhat concerning to see the trend line trailing off from the high levels seen early in the year.
In February, the seasonally adjusted rate (used to make more accurate month-to-month comparisons) hit 2.1 million units from a combination of pent-up demand and unseasonably warm weather.
King says auto sales have, however, seen 19 months of consecutive year-over-year gains.
This report by The Canadian Press was first published June 4, 2024.
The Canadian Press