Amidst a replenishing inventory, the automotive sector in Canada continues to grapple with significant affordability issues, according to opinions gathered from industry experts and analysts by Auto Remarketing Canada. Mike Buckingham, Managing Director of Auto Finance at J.D. Power, highlighted that affordability remains a paramount concern among Canadian auto finance companies—a scenario that resonates globally.
“Affordability is the central challenge,” Buckingham stated. He noted that this isn’t a unique problem to Canada but is felt universally. Adding to the difficulty, vehicle prices have witnessed a surge of approximately 30% since the third quarter of 2020, alongside rising interest rates.
[Source: Auto Remarketing Canada, J.D. Power]
Words by: Craig Clowes
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