Dealertrack Canada Online Credit Application Network reports used vehicle price gains in April - Cox Automotive Canada

Dealertrack Canada Online Credit Application Network reports used vehicle price gains in April

Despite a month that saw unpredictable weather across Canada keep many used car buyers from showrooms, the Top 10 Funded Used Vehicles* in Cox Automotive Canada’s Dealertrack Online Credit Application Network continued to see annual Average Cash Price gains in April.

Dealertrack Canada

Despite a month that saw unpredictable weather across Canada keep many used car buyers from showrooms, the Top 10 Funded Used Vehicles* in Cox Automotive Canada’s Dealertrack Online Credit Application Network continued to see annual Average Cash Price gains in April.

With 8 of the top 10 Funded Used Vehicles recording gains, Average Cash Prices rose 3.4% last month, compared to April 2017. Compared to the previous month, the April 2018 average dropped slightly, down 0.3%.

Dealertrack Canada

The 3rd-place Dodge Grand Caravan minivan was the Top 10 Funded Used Vehicle with the most significant annual (9.7%) and monthly (2.1%) Average Cash Price increases, rising from $20,476 to $20,912 in April.

The vehicle with the largest year-to-year and month-to-month Average Cash Price drop was the Dodge Journey. The compact SUV saw reductions of 1.9% and 2.3%, respectively, dropping from $19,483 to $19,027 last month.

Regarding the volume of used vehicles funded in the Dealertrack Network, the Toyota Corolla compact car jumped two spots in April, from 9th-place to 7th.

“As we all experienced, the weather this spring in Canada has been cooler than normal, which may have kept used car buyers at home,” said Richard Evans, Vice President and General Manager, Dealertrack Canada.

Dealertrack Canada

Digging deeper into the Dealertrack Online Credit Application Network data, the Luxury Car Retail Segment kept pace regarding Average Cash Price gains but saw significant growth in the number of used vehicles funded.

In April 2018, Luxury Cars funded in the Dealertrack Network recorded an annual Average Funded Price gain of 3.3% ($28,505) but a significant volume increase of 27.1%.

Regionally, the Western market saw the largest annual volume gain in funded used Luxury Cars at 31.7%, while Québec recorded the lowest—a still significant 23.4% increase.

In Canada, over 5.2 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 dealersupport@dealertrack.com.

Source: Dealertrack Canada

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