Dealertrack Reports Prices and Volume for Top Funded Used Vehicles Continue to Rise - Cox Automotive Canada

Dealertrack Reports Prices and Volume for Top Funded Used Vehicles Continue to Rise

Mississauga, Ont.—September 7, 2017—The Canadian used vehicle market continues to be healthy in 2017. Based on Dealertrack Canada online credit application data, both cash prices and the number of Top Funded Used Vehicles* in August saw increases. As well, compact crossovers continue to be popular with used vehicle buyers, as the Toyota RAV4 compact crossover bumped the Mazda3 compact car from the Top 10 list.

Top Funded August 2017

Mississauga, Ont.—September 7, 2017—The Canadian used vehicle market continues to be healthy in 2017. Based on Dealertrack Canada online credit application data, both cash prices and the number of Top Funded Used Vehicles* in August saw increases. As well, compact crossovers continue to be popular with used vehicle buyers, as the Toyota RAV4 compact crossover bumped the Mazda3 compact car from the Top 10 list.

“Car buyers are always looking for value in the used car market,” said Richard Evans, Vice President and General Manager, Dealertrack Canada. “And based on our network data, the demand for used crossovers continues to drive prices and volumes on dealer lots.”

Dealertrack Top Funded August 2017

Based on a year-to-year basis, the number of Funded Used Vehicles in Cox Automotive Canada’s Dealertrack network rose 6.7% compared to August 2016. Plus eight of the Top 10 Funded Used Vehicles saw Average Cash Price gains, with the Top 10 vehicles averaging a 3.5% increase compared to the previous year.

As the Toyota RAV4 joins the Top 10 list, the only passenger cars remaining are the Honda Civic, Hyundai Elantra, Toyota Corolla and Chevrolet Cruze. And while the Mazda3 finished just outside the Top 10 in 11th-place, the next four Top Funded Used Vehicles are utility vehicles (Hyundai Santa Fe; Nissan Rogue; Jeep Cherokee; Honda CR-V).

Dealertrack Top Funded August 2017

Digging deeper into the Dealertrack network data, 2013 was the most popular Model Year for Toyota RAV4 used vehicle buyers. The Toyota crossover is popular with older consumers, with an Average Age of 44 years (the highest in the Top 10 list) and females (47%). Dealertrack data also showed that 13% of buyers own their RAV4 Free and Clear, second only to the Ford F-150 full-size pickup truck (14%).

And finally, according to a review from Cox Automotive’s Kelley Blue Book, there are plenty of reasons why the RAV4 is a popular used vehicle. The current, fourth-generation RAV4 arrived for 2013, with all-new styling inside and out, a standard six-speed automatic transmission, rearview camera and touchscreen control center, and safety technology such as blind-spot monitoring.

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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