Used Vehicle Pricing in Dealertrack Canada Network on the Upswing
Mississauga, Ont.—March 15, 2019—After two consecutive months of relatively flat results, overall pricing for the Top 10 Funded Used Vehicles* rose last month in Dealertrack Canada’s online credit application network.
Based on data collected from Dealertrack — Cox Automotive
Canada’s Retail solutions brand — overall Average Cash Prices of the top
10 vehicles saw a year-over-year (YOY) increase of 2.3%. This reflects a jump from
$20,071 in February 2018 to $20,422 last month. As such, eight of the Top 10 Funded
Used Vehicles saw price increases compared to 12 months earlier.
Although seven out of the 10 vehicles on the list saw
Average Cash Price gains on a month-to-month (MOM) basis, overall prices in
February 2019 remained relatively natural compared to the previous month, with only
a 0.5% gain.
Regarding price gains, the second place Honda Civic led the
way in February. The repeatedly best-selling compact passenger car saw its
price go up to $20,205 last month, a modest 1.9% monthly yet substantial 7.9%
Whether looking at the Dealertrack network data on an annual
or monthly basis, the first place Ram 1500 full-size pickup recorded the most
substantial Average Cash Price loss in February. On a MOM and YOY basis, the
Ram truck fell 1.4% and 3.5%, respectively, to $31,358.
Also noteworthy in February, the Toyota RAV4 slipped into
the final spot on the Top 10 Funded Used Vehicles list. With gains of 0.6%
compared to the previous month and 1.1% annually, the Average Cash Price of the
Toyota compact crossover rose to $21,421. The popular compact crossover bumped
the $18,744 Dodge Journey mid-size crossover to eleventh place overall.
Dealertrack is the leading provider of web-based software
solutions and services for all major segments of the automotive industry, and
Canada’s largest and most accurate source of automotive retail sales data.
Because of this, Dealertrack clients benefit from having access to Customized
Dealertrack Dealer Reports that consolidate a vast amount of non-personal
demographic information, market trends and preferences from the Dealertrack
online credit application network.
For example, dealers need to stock the right vehicles at the
right price for the right customers. Based on social, geographic, financial and
economic demographic data—from the Average Cash Price to the age of the average
buyer to their marital status — garnered via the Dealertrack online credit application
network, by tapping into Dealertrack’s deep data, dealers can create an
inventory that’s right for their market and their business.
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 [email protected].
*Based on the total number of funded through the Dealertrack Canada online credit application network.