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Posts by Kevin Roberts

CarGurus Canada Vehicle Availability Index & Insights – October 2022

Posted by Kevin Roberts on November 3, 2022

In October, new inventory continued its path to recovery with levels rising over 3% compared to last month; now up 34% year-over-year. Used inventory also saw an increase of nearly 1% and is now up nearly 24% year-over-year. These trends signal that both new and used consumers are finally seeing more vehicles available to them. Pricing trends continued to diverge further with used prices declining 1% month-over-month while new prices saw a further increase of over 2% month-over-month; both new and used are still seeing significant spreads year-over-year. Days-on-market increased in line with rising inventory levels; the days-on-market for new and used now stand squarely between 2020 and 2021 levels.

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Topics: used cars, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – September 2022

Posted by Kevin Roberts on October 13, 2022

In a positive shift, September saw new inventory levels rise with index readings increasing 18.7% compared to last year. Used inventory was effectively flat month-over-month, but is similarly up 21.1% year-over-year. Unfortunately, the improving inventory levels didn’t help bring down prices significantly. New vehicle prices increased 1% and used vehicle prices declined just 0.6% compared to last month while they remain up 27.8% and 29.9% year-over-year, respectively. Interestingly, days-on-market is effectively flat year-over-year with new levels up 3.9% and used up 1.2%.

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Topics: used cars, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – August 2022

Posted by Kevin Roberts on September 12, 2022

In a potential green shoot, August  saw new vehicle inventory levels increase  by 8.3%–a welcome shift after years of depressed inventory. However, used inventory levels declined by 2.5%. The average used listing price for both new and used were effectively flat in August, with new prices declining 0.1% and used prices increasing 0.2%. Days-on-market continued to increase, with new average days-on-market increasing by 0.5% while used vehicle days-on-market increased by 6.6% to nearly 80 days.

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Topics: used vehicles, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – July 2022

Posted by Kevin Roberts on August 9, 2022

July’s data showed a month of subtle surprises. Inventory levels across the board declined in July, though only slightly. New inventory decreased 0.4% from June and remained down 23.1% year-over-year, while used inventory declined just 0.1% and is now up 14.2% year-over-year.

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Topics: used inventory, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – June 2022

Posted by Kevin Roberts on July 8, 2022

As we reach the midpoint of the year, we’re seeing a pattern of trends highlighting that the vehicle market will likely continue to face challenges in the second half of 2022.

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Topics: industry insights

CarGurus Canada Vehicle Availability Index & Insights – May 2022

Posted by Kevin Roberts on June 8, 2022

We continued to see mixed signals in May, with ongoing supply chain issues clouding production outlook and demand for vehicles remaining strong – however, not at any price.

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Topics: industry insights, inventory, new vehicles, used vehicles, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – April 2022

Posted by Kevin Roberts on May 10, 2022

April continued the trend of moving towards a ‘new normal’ – however, the path remains fragmented, and potential disruptions linger. Inventory levels improved for both new and used vehicles in April – but new figures remain down over 37% compared to last year, while used levels have rebounded substantially over the past several months and are now effectively flat with last year. One potential reason for the used turnaround is anecdotal commentary around fewer Canadian vehicles heading across the US border as wholesale prices have started to decline in the states.

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Topics: inventory, new vehicles, used vehicles, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – March 2022

Posted by Kevin Roberts on April 6, 2022

In the Canadian auto market, there’s a clear bifurcation in the market where topline inventory and listing price continue to grow while days-on-market shrink. While consumers still want private mobility, they’ve become much more selective on what they’re willing to pay.

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Topics: inventory, new vehicles, used vehicles, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – February 2022

Posted by Kevin Roberts on March 3, 2022

February, in some ways, unfolded as anticipated, with improvements in both new and used inventory. However, those gains in inventory didn’t transfer over to other key metrics, highlighting that the road to a new normal will remain a winding one.

The CarGurus New Vehicle Availability Index for Canada increased 2.9% compared to January – even with those gains, though, it remained down 47.4% compared to last year. Used inventory had an even larger month-over-month increase, rising 5%, while the year-over-year figure was still down 12%. And though monthly gains in inventory are a welcome shift in trends, we didn’t see any relief in vehicle pricing in February.

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Topics: inventory, new vehicles, used vehicles, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – January 2022

Posted by Kevin Roberts on February 4, 2022

When it comes to January data trends, the more things change, the more they stay the same. Even though new and used vehicle inventory levels increased in January, it’s possible that the increase was not exclusively due to improving vehicle production. It’s likely that consumers are also starting to sit out from historically high prices. Even with the small increases in January, overall inventory is still significantly impacted compared to last year, with new inventory down nearly 50% and used down 18.4%.

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Topics: industry trends, inventory, new vehicles, used cars