Retail sales in the Canadian automotive industry largely continued to grow in the first half of 2023, according to the latest report from DesRosiers Automotive Consultants Inc.
The aftermarket was especially strong from a retail sales perspective as automotive parts, accessories, and tire stores saw sales climb 10.5% over the already high levels in the first half of 2022.
With new light vehicle unit sales now showing year-over-year growth for ten consecutive months, retail sales at new vehicle dealers also increased 9.1% for the first half.
Gasoline stations saw a 12.0% pullback in retail sales, with comparatively lower gas prices versus the steep prices in the first half of last year.
However, retail sales for gasoline stations in the first half remain well ahead of any other year besides the last one.
“While the broader economy geared down in the second quarter, retail sales among key segments of the automotive market have seen growth in the first half, fuelled by pent-up demand and resilient consumer spending in the automotive space,” commented Andrew King, Managing Partner at DAC.
“The aftermarket in particular continues to outperform, with strong sales despite higher prices.”