It was a positive quarter overall for the auto industry, and even the sector that didn’t gain is still doing very well compared to pre-pandemic sales, according to a new report released by DesRosiers. The automotive industry sectors varied greatly in performance at the end of the third quarter, due to a large number of different factors facing the sectors in different ways.
“When it comes to retail sales, different sections of the auto industry are seeing vastly different performance relative to the previous year” said Andrew King, Managing Partner at DAC. “However, from a broader perspective they remain largely ahead of pre-pandemic levels despite the uneven nature of the market this year.”
Gasoline stations saw record retail sales on the back of the sharp increase in gasoline prices earlier in the year, “A performance that is likely to drop in Q4 based on declines in gas prices in recent weeks,” according to DesRosiers.
Following at a distance, automotive parts, accessories, and tire stores saw retail sales climb 10.8% above the already elevated levels seen in the same time last year as the aftermarket maintained its strong performance.
New vehicle dealers saw retail sales climb a further 2.3% in the first three quarters of 2022, despite falling new vehicle sales, as vehicle price increases and strong performance at service departments helped boost overall dealer performance.
According to the report, used vehicle dealers noticed a setback in terms of retail sales, with a decline of 6.5% at the end of the third quarter. Used vehicle prices have begun trending downwards in recent months after the 25-plus per cent gains seen in the past two years. As such, used vehicle dealers remained in good shape, with retail sales staying well above pre-pandemic levels.
