COVID-19 has been top of mind for all Canadians nearly every day since it was declared a global pandemic, affecting the performance of every single industry in Canada, and auto market is not an exception. So what’s today’s picture for automakers and dealerships?
Just two months ago the industry was bracing for disaster due to countrywide shut downs and dealership closures. But once the government resumed production and let the dealerships open their doors again, the industry started to breathe much easier. Such a rebound also greatly helped Canadian economy in general as auto industry employs over half a million people all over Canada.
Recent changes in the industry brought about good news and opened new opportunities not only for the economy as a whole, but also for individual buyers searching for a car to be able to hit the roads this summer. After the reopening, vast majority of Canadian dealerships are providing unprecedented generous financial incentives, offers and discounts in order to further boost sales. In reality, sales have rebounded so fast that automakers are currently struggling to restock those dealerships on time due to dwindle in inventory over the past months. However, even though it sounds fantastic for the industry, at the same time it means that those incentives are not going to be out there for much longer. Take your chance, choose a car and come to the dealership to take advantage of the prices. We, at Capital Trust Financial, are here for you to help you finance any used vehicle of your choice that will suite your budget and needs.