Auto sales in the United States are down about 13% so far this year. That number will worsen after October’s sales statistics are released soon. Vehicle sales in western Europe are off around 5%. A quick look at Canada reveals a different story. So interconnected is its economy with the USA but so disconnected are its automotive performers. Overall sales in Canada this year are up over 1.4%.
Why is this the case? Despite a global economic collapse, cars and trucks are basically 10% cheaper in Canada this year, as the dollar climb of late ’07 created the biggest year-over-year drop in vehicle prices since 1956. All the Numbers you need to know are below.
25 – percentage increase in the total sales volume of subcompact cars in Canada this year through September
9 – percentage of the market now held by subcompacts
5 – percentage of the market normally held by subcompacts in historical terms
1 – total vehicle segments apart from subcompacts to post sales increases in Canada this year: crossovers
4 – likely decrease in automaker profits in Canada despite the sales increase
6 – percentage reduction in total sales volume expected by ScotiaBank in 2009