While August’s new-vehicle sales experienced a modest year-over-year increase south of the border, that glimmer of recovery has yet to be seen here in Canada.
Estimated Canadian sales of 126,534 units in August were down 13.9% from the same month last year, as estimated by DesRosiers Automotive Consultants (DAC). It was the lowest August sales number since 1999, According to Andrew King, Managing Partner of DAC.
Monthly sales in 2021 experienced a near straight-line decline from June through December and 2022 sales are following the same pattern – just down a further 11-to-16%.
The only positive in August’s numbers was that they were in the middle of that range, not quite as far behind as in July.
But the SAAR (Seasonally Adjusted Annualized Sales Rate) for the month was down even further, dropping below 1.4-million units, according to DAC.
Year-to-date sales of 1,012,890 units at the end of August were down 12.7% from a year ago – and 24.2% from more typical 2019 figures.
Given the merest glimpse of improvement coming in the U.S., maybe next month will be our tipping point!
Winners and losers
We are still clearly in a period where sales numbers for individual manufacturers tend to reflect product availability more than market demand alone. With that caveat in mind and the understanding that many automakers no longer report monthly, here is an overview of those who have reported sales for August.
Genesis maintained its chart-leading position in terms of percentage gain, up 0.8% from the same month a year ago, and 34.8% for the year to date. Once again, it was the only reporting brand to show a year-over-year sales increase for the month.
Significantly, none of the other reporting brands’ sales outpaced the market average sales decline and some fared significantly worse.
In order of decline from August, 2021, they were:
- Hyundai (-16.4%)
- Lexus (-18.1%)
- Volvo (-27.0%)
- Toyota (-28.2%)
- Honda (-32.2%)
- Acura (-36.7%)
- Kia (-38.6%)
- Subaru (-41.6%)
A complete breakdown of results by manufacturer will be available after the end of September.
