BMO Financial Group

BMO Financial Group

July 05, 2012 09:35 ET

Record Year Possible for Canadian Auto Sales-BMO Economics

TORONTO, ONTARIO--(Marketwire - July 5, 2012) - With Canadian auto sales setting a June record and the first half of the year close to the best six-month stretch on record, sales for all of 2012 will challenge the all-time mark of just over 1.7 million units set in 2002, according to BMO Economics.

June saw a 2.8 per cent rise year-over-year in Canadian auto and truck sales, lifting the gain for the entire first half of 2012 to 7.1 per cent year-over-year.

"These figures contrast significantly with recent cautious readings on consumer confidence and the broader economy," said Douglas Porter, Deputy Chief Economist, BMO Capital Markets.

Robert Sadokierski, Head of Dealership Financing for BMO, expects auto manufacturers will be offering more incentives for consumers. "There is good news for buyers on all fronts as companies roll out redesigned models in the compact, mid-sized and luxury segments."

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

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