Car sales in Canada and the U.S. reached new highs in September despite tough times at the global stock exchanges. Scotia Bank estimates that Canadian sales climbed to a record 1.98 million units last month, surpassing the previous peak annual rate of 1.95 million units set a year ago, as well as the average of 1.86 million through August.
“The gain reflects improved credit availability, especially for vehicle leasing which has boosted lease volumes 16% this year,” the bank’s report said.
South of the border, small crossover utility vehicles led the way, with volumes surging more than 25% above a year earlier. In fact, U.S. purchases accelerated to the fastest pace in more than a decade.
“We estimate that purchases climbed to an annualized 18.1 million units in September, the highest level since July 2005 and up from an average of 17.1 million during the previous eight months,” the report mentioned.