Canadian and U.S. car sales hit record levels in 2016
By Greg Keenan
4 January 2017 (The Globe and Mail) – Canadians and Americans wore out the showroom floors of car dealerships in 2016, driving auto makers to record sales years in both markets. Auto makers sold 1.95 million vehicles in Canada, the fourth consecutive year that sales have hit a record. The 2016 level was achieved despite a plunge in oil prices that sent sales tumbling in Alberta, the third largest market in the country. The U.S. market hit a record 17.539 million, a fraction higher than the 2015 level. What may be even better news for auto makers that sell in the two countries is that from the current peak, industry analysts expect any decline on the horizon is likely to be modest. […] “We believe the U.S. auto industry remains well-positioned for sales to continue at or near record levels in 2017,” Mustafa Mohatarem, chief economist of General Motors Co., said in a statement. “Key economic indicators, especially consumer confidence, continue to reflect optimism about the U.S. economy and strong customer demand continues to drive a very healthy U.S. auto industry.” [more]
