According to research firm DesRosiers Automotive Consultants, Canada’s retail automotive aftermarket segment continued to outperform vehicle sales.
It was, says DesRosiers Automotive Consultants (DAC), a mixed bag.
While gasoline stations continued to be buoyed by higher fuel prices–though those did moderate somewhat late in 2022–retail parts and accessories sales grew significantly, easily outpacing both new vehicle and used vehicle segments in terms of percentage growth.
Gasoline stations finished the year with retail sales 30.3% higher than those seen in 2021 with gasoline prices spiking early in 2022 and only moderating somewhat in the tail end of the year.
Automotive aftermarket parts, accessories, and tire stores also saw significant growth in retail sales, rising 10.5% over 2021 despite somewhat modest growth in the first few months of 2022.
And a notable split formed between new and used vehicle dealers for the year.
New vehicle dealers saw their retail sales figures rise by a modest 2.8% for the year with some improvements to inventory among select OEMs combined with strong new vehicle prices.
On the other hand, used vehicle dealers saw their retail sales decrease 7.3% with used vehicle prices and volumes declining somewhat after a meteoric rise in 2021.
However, DAC offers some guidance in considering the drop in used car sales. That segment had been exceedingly hot at the ouset of the pandemic, so despite the recent drop, used vehicle retail sales remain well above pre-pandemic levels
“From the perspective of the auto industry, 2022 was a mixed year with a strong aftermarket performance contrasted against a slight correction in the used vehicle market,” commented Andrew King, Managing Partner at DAC.