Auto sales figures in Canada is expected to hit an all-time high this year thanks to dealer incentives, accessible auto loans, high fuel prices and aging vehicles which require replacement.
Based on a report by the Conference Board of Canada, despite the uncertainty in the broader Canadian economy, auto sales have seen good growth through the year. According to the board, auto manufacturers in Canada are expected to hit a whopping profit of $1.5 billion in 2012. A vast improvement from profits collected in 2009.
"The recovery of the auto industry is in full swing," said Michael Burt, Director of boar's industrial economic trends. "An encouraging sign for the Canadian industry is that many of the best-selling models are assembled here."
Auto experts believe auto sales will never be affected by price wars between automakers since, General Motors, Chrysler, Ford and Japanese rivals such as Toyota and Honda each have a number of production plants in Canada, which is paving the boom.
"As long as automakers don't involve into price wars, moderating commodity prices and the weaker line will help continue to drive profitability this year and next," reads the statement from the Conference Board of Canada. "Automakers are expected to increase production in North America by 12 percent or 14.2 million units, this year on the back of a 3.8 percent increase in auto sales in Canada and nearly 12 percent in the U.S. That trend is expected to continue into 2013 and helps see U.S. sales return to pre-recession levels by 2014."
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