Based on data from Cox Automotive Canada’s digital solutions brand Dealertrack Canada, the number of Top Funded Used Vehicles* in September saw a double-digit increase.
The volume of Top 10 Funded Used Vehicles in the Dealertrack online credit application network last month saw a 10.7% year-over-year increase compared to the same period in 2016. That growth is a significant improvement over the 6.7% year-over-year volume gain reported in August, plus the average cash price of the Top 10 vehicles increased slightly in September by 3.3%.
Trucks, SUVs and crossovers continued to dominate the Dealertrack Top 10 list in September. The Hyundai Elantra compact car saw its position drop two places in the ranking due to increases by both the Ford Escape compact SUV and the Ford F-Series full-size pickup truck.
One of only four passenger cars on this month’s Dealertrack’s Top Funded Used Vehicles list, the 9th-place Toyota Corolla compact remains a solid choice with Canadian used vehicle buyers. The most popular model year is 2014, and Dealertrack data indicates the average vehicle mileage is 61,557 kilometres—similar to rival compacts like the Elantra (60,033 kms.) and Chevrolet Cruze (60,489 kms.) One area to highlight is only 34.92% of used Corolla buyers opt for an Extended Warranty; the lowest number in the Top 10 list.
According to Cox Automotive’s US brand, Kelley Blue Book, the Corolla is true to its Toyota heritage. The current generation Corolla debuted for 2014. And while buyers looking for something more fun to drive should look for a contemporary Mazda3 or Ford Focus, the experts at KBB say the all-new 2014 model offers the typical “no surprises, bread-and-butter goodness of a Toyota Corolla.”
In Canada, over 4.5 Million credit applications are submitted annually through Dealertrack Network for vehicle financing. Our reports are designed to leverage this information and provide insights to help Canadian automotive dealers, lenders, OEMs, third-party retailers, agents and aftermarket providers identify opportunities to improve business results.
Want to see the full top funded used vehicle report or learn about other reports available from Dealertrack Canada? Call us at (866) 830-3863 or email us at [email protected].
Source: Dealertrack Canada
About Cox Automotive Canada
Cox Automotive is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. In Canada, the Cox Automotive family includes Dealer.com®, Dealertrack®, HomeNet®, Manheim®, NextGear Capital®, Ready Logistics®, RMS Automotive®, vAuto®, VinSolutions® & Xtime® and a host of other brands in other countries. The global company has 34,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers. Cox Automotive is a subsidiary of 119-year-old Cox Enterprises, Inc., which has revenues exceeding $20 billion and approximately 60,000 employees. Cox Enterprises’ other major operating subsidiaries include Cox Communications and Cox Media Group.