(Toronto) Used auto sales rose 5% last year due to shortages of semiconductors, which have hampered the market for new vehicles and pushed buyers to used car lots, it said. Wednesday the specialized firm DesRosiers Automobive Consultants.
Posted yesterday at 4:58 p.m.
A survey of 450 members of the Ontario Used Car Dealers Association found an average of 250 used vehicles per franchised and independent dealership were sold in 2021, up from 238 a year earlier. Compared to 2019, when the average was 273 vehicles, sales decreased by 8%.
The report says independent dealerships experienced weaker growth than franchise dealerships last year because they lack non-lease trade-in vehicles and therefore have more difficulty sourcing used vehicles.
Average sales are expected to climb to 256 vehicles per dealer this year, with independent dealers forecasting gains and franchise dealers forecasting slight declines.
The survey also revealed significant price increases across different used vehicle segments, with more than half of dealers saying truck prices have increased by at least 20%.
Most dealers say prices for SUVs and used cars have gone up 11% to 20%.