Canadian Vehicle Sales Continue to Break Records in February

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According to the latest information released by Scotiabank, auto sales in Canada continued their record setting pace in February, with sales increasing 2 percent over the same period in 2017.

Although estimated purchases were approximately 2.07 million units in February, which represented a decline from January, this still puts the pace of new vehicle sales well ahead of 2017’s overall total.

According to Scotiabank Senior Economist Carlos Gomes, five automakers witnessed double-digit year-over-year sales gains in February with light trucks seeing the biggest gains. Currently, light trucks and SUVs account for 72 percent of the market, a rise of 12 percent in the last four years.

By contrast, car sales continued to fall, with volume declining six percent last month.

South of the border in the U.S., sales were a mixed bag last month, with Domestic auto brands reporting lower sales volumes. Scotiabank reports that estimated purchases total 17 million annualized in February with double-digit declines in most passenger car segments and 9 percent slump in light truck demand (though the latter is expected to be temporary due to changes in U.S. tax rules).

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