For the seventh consecutive month, new vehicle sales in Canada set a new monthly record in October.
According to the Global Automakers of Canada (GAC), sales of 154,949 vehicles (up 6.5% from last October) pushed t year-to-date sales to 1,579,517 units, fully 5.6% ahead of this time last year.
Barring some catastrophic intervention, 2014 is on track to set another new record for annual sales, surpassing 2013's record of 1,743,112 vehicles.
In addition to extending the streak of record monthly sales, October sales were 23% above the five-year historical average for the month.
As has been the trend, truck sales continued to advance at a double-digit pace, 10.7% above last year’s results. Passenger car sales also improved, but at a more modest 1.2% pace.
With 90,009 pickups, vans and utility vehicles sold. Light duty trucks claimed 58.1% of the market.
Chrysler ( 23.1%) topped the charts for the month, followed by Ford (-2.6%) and General Motors ( 7.3%) but sales for all three were within 100 units of each other – the closest they have been in recent memory. Ford, however, continues to head Chrysler year-to-date by more than 3,000 sales.
“While fierce competition and attractive financing is certainly responsible for much of this extended run of record vehicle sales, there would appear to be other factors at work,” said David Adams, president of the Global Automakers of Canada.
“The fact that we are seeing the types of technologies usually reserved only for upscale vehicles installed as either standard or optional equipment in affordable mainstream vehicles may be creating a desire for the latest technology... even if their current vehicle has plenty of life left in it,” he explained.