Automobile sales in Canada remained strong, despite a 0.7% year-over-year dip in March, BMO Economics announced yesterday.
Sales in the first quarter of 2013 were just behind those in the same period a year ago.
BMO Capital Markets economist Alex Koustas said if this momentum continues, sales for the entire year are set to come in just under last year’s “stellar” sales of over $1.7 million.
“These figures demonstrate continued strength in Canadian auto sales,” said Koustas. “It’s important to remember that first quarter sales in 2012 pushed a near-record pace.
“Despite trailing slightly behind, the first quarter of 2013 is again proving to be very strong for the Canadian market.”
Robert Sadokierski, BMO Bank of Montreal head of dealership financing, said strong auto sales in 2012 were led by the sale of luxury vehicles.
