Auto sales down 7.4 per cent in September for largest drop since 2009
Uncertainty from the new NAFTA deal negotiations may have played a part in the drop in sales
TORONTO – DesRosiers Automotive Consultants says new light vehicle sales were down by 7.4 per cent in September compared with the same month last year for the largest monthly drop since 2009.
Sales were down by close to 14,000 units to total about 173,000 passenger cars and light trucks sold in September, making it the lowest sales figure for the month since 2014.
DesRosiers said Tuesday that uncertainty from North American trade deal negotiations may have contributed to the drop in sales but that numbers could rebound with a deal in place.
“With the signing of the deal and the threat of tariffs to the Canadian auto industry withdrawn for now, the consumer confidence issue may be alleviated for the final three months of the year,” the consultancy said in a note.
The loss in September marks the seventh straight month of declines, but was by far the sharpest drop so far. July had the second-worst drop at 3.6 per cent, while year-to-date sales are down by 1.6 per cent, said DesRosiers.
Ford saw a 14.1 per cent decline, Toyota was down eight per cent, General Motors was down 6.1 per cent, and Honda was down 4.3 per cent.
Some luxury car makers saw sales increase for the month, including a 42 per cent gain for Volvo, 18.2 per cent for Infiniti, and a 170 per cent increase for Genesis.
Overall passenger car sales were down 13.7 per cent while light truck sales were down by 4.7 per cent.