New motor vehicle sales in Ontario forecast 2011-2012

New motor vehicle sales in Ontario forecast 2011-2012 ; New motor vehicle sales in Ontario declined in July following a sizeable increase in June. Despite July’s slower sales, the trend remains slowly upward. New automobile sales totalled 49,342 units in July, down 4,438 (8.3 per cent) from June. The average sale price was $33,276, up 0.4 per cent from June. (Allfi gures are seasonally adjusted unless otherwise noted.)
Despite recent volatility, new motor vehicle sales are up compared with last year. In the first seven months of 2011 sales totalled 361,073 units, unadjusted, up 11,953 (3.4 per cent) from the same period last year.

Year-to-date, year-over-year growth was led by trucks, up 9,328 units (4.9 per cent), while passenger car sales increased by 2,625 units (1.7 per cent). Last year, new motor vehicle sales rose 8.1 per cent year over year in Ontario. We forecast unit sales will increase by less than 5 per cent in 2011 and 7 per cent in 2012, as real consumer spending on durable goods rises by just over 4 per cent per year and real business investment in machinery/equipment increases by just over 6 per cent per year. Source http://www.troymedia.com

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