Dealertrack Canada's Top 10 Funded Used Vehicles Record Over 22% Volume Growth in February - Cox Automotive Canada

Dealertrack Canada’s Top 10 Funded Used Vehicles Record Over 22% Volume Growth in February

As Canada’s used vehicle market continued its trend of steady growth, Cox Automotive Canada’s Dealertrack Online Credit Application Network saw a significant 22.02% annual volume gain in February 2018 with its Top 10 Funded Used Vehicles index.

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As Canada’s used vehicle market continued its trend of steady growth, Cox Automotive Canada’s Dealertrack Online Credit Application Network saw a significant 22.02% annual volume gain in February 2018 with its Top 10 Funded Used Vehicles index.

“The annual growth of the top 10 funded used vehicles processed through our Credit Application in February’s is quite significant,” said Richard Evans, Vice-President and General Manager of Dealertrack Canada. “From our robust desking tools that enrich the in-store experience, to the largest lender network in the country, Canadian OEMs, third-party retailers, agents and aftermarket providers are clearly seeing the benefits of our digital solutions.”

Overall, the Average Cash Price of Dealertrack’s Top 10 Funded Used Vehicle index recorded steady growth in February. Compared to the previous month, the Top 10 nameplates remained the same, and in the same order of ranking. Among the 10 cars and trucks on the list, the Average Cash Price in February was $19,817, a 0.05% drop from the previous month, but a 2.43% gain on a year-to-year basis.

Although Canadian new vehicle buyers are turning towards compact SUVs, used vehicle buyers are still demanding small cars. The Compact Car Retail Segment saw a 9.0% annual volume growth last month in the Dealertrack Network, with Eastern Canada Market leading with a 10.5% gain.

Four of the Top 10 Used Vehicles in February were Compact Cars: the 2nd-place Honda Civic; 5th-place Chevrolet Cruze; 6th-place Hyundai Elantra; and 8th-place Toyota Corolla. With an Average Funded Price gain of 4.3% ($16,314), the Compact Car Retail Segment also outperformed the Top 10 Funded Used Vehicle Index overall.

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 dealersupport@dealertrack.com.

Source: Dealertrack Canada

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