MISSISSAUGA, Ontario -

It was a strong start to 2020 for the Canadian used-car industry.

But as the impact of COVID-19 took hold in March, the first quarter ended up softer than the year-ago period.

In fact, there was a 1.5% year-over-year dip in the number of retail used vehicles funded through Cox Automotive Canada’s Dealertrack Online Credit Application Network, according to data from the company.

Specifically, there were 157,469 used units funded during Q1. But it would appear March was the sole driver of the decline.

The month had a 15.4% year-over-year drop in funded used vehicles.

“When looking at both the wholesale and retail used-car markets in Canada, our data shows a first quarter that began with positive signs but ended with the unprecedented impacts from Covid-19,” Cox Automotive Canada president Maria Soklis said in a news release.

“During times like these, we hope that insights from our data can help the industry find a path to recovery quickly and efficiently so we can all get back to providing Canadians with the vehicles they need while also helping drive our economy forward,” she said.

Of the retail used vehicles funded via the Dealertrack network, trucks and SUVs only increased their dominance, Soklis said.

The Ram 1500 was once again the most-funded vehicle. And while two small cars (Honda Civic, Hyundai Elantra) made the top three, the majority of the list was trucks and SUVs, including the Toyota RAV4, a newcomer to this list.

“When looking at our data and comparing the first quarter of 2020 and 2019, we see SUVs and trucks taking an even stronger hold on the retail used-car market. The only small cars to make the top 10 were the Civic, Elantra and Corolla,” Soklis said.

“The data also shows that six out of the top 10 experienced slight price increases while the total average retail prices of funded used vehicles saw a 1.5% year-over-year decrease,” she said.

Still, the analysis does point out that Canadians still enjoy the compact car. The full report indicates, “While trucks and SUVs dominated the Q1 2020 Top Funded Used Vehicle list, compact cars still resonate with Canadian used-vehicle buyers.

“Along with the second-place Civic, the third-place Hyundai Elantra and seventh-place Toyota Corolla remain top considerations for used-vehicle buyers.”

The full list can be found here.