With the significant spikes in vehicle theft threats across Canada, many of the auto industry’s sectors stand to be impacted. Elliot Silverstein, director of government relations at CAA Insurance, spoke with Auto Remarketing Canada on the rise of vehicle theft and how it is impacting the insurance and finance sector, in particular. Silverstein has been watching the vehicle theft trends increase over the last year-and-a-half. He says this challenge ties into ... [Read More]

Vehicle theft rates in Canada have grown considerably since 2020 and the start of COVID-19, as vehicle supply — both new and used — contracted. Transport Canada is abreast of this challenge, and working to ensure its regulations for vehicle anti-theft devices and more are up to the task. In early September, the Equite Association, an investigator for the insurance bureau, called on Transport Canada to ... [Read More]

What does the auto buying journey look like in 2023?  To answer that question, Kijiji released its Buyer Pulse Survey for 2023 to paint an accurate picture of this consumer “journey”. A vehicle is likely the second most expensive item a consumer will buy and own in his or her lifetime. In line with that fact, the top paint point for consumers that showed up in the survey was ... [Read More]

Inflation clearly is the focus of the Federal Reserve nowadays. Chair Jerome Powell said “inflation” 20 times during his opening statement after policymakers decided unanimously on Wednesday to maintain the target range for the federal funds rate at 5.25% to 5.5%. “We understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2 percent goal,” Powell began during that opening statement. “Price stability is the responsibility of the Federal Reserve. Without price stability, the economy ... [Read More]

Folks still need personal vehicles. And for many, the used-car market is the only or best option. That’s one way to explain why year-to-date used retail sales through August have climbed 4.5% — growth that has occurred despite the headwinds of high prices and steep interest rates, says Cox Automotive. “Slightly lower used-vehicle prices, coupled […] [Read More]

When comparing an electric vehicle to a car with an internal combustion engine, think of a dolphin and a fish, says Brian Donnelly, director of partnerships at Autotech Ventures. On the outside, the two animals look quite similar. Underneath the hood, so to speak, they’re completely different, as one is a mammal and the other a fish. The same goes for EVs and ICE vehicles ... [Read More]

The market for electric vehicles is growing, and the key to that growth will be “a better product at a better price,” according to Bank of America senior automotive analyst John Murphy. In his keynote presentation of Bank of America’s third annual EVolution electric vehicle summit — a virtual event to discuss the latest trends in electric vehicles and environmental sustainability with industry experts — Murphy said last year’s EV growth from ... [Read More]

Through eight months of 2023, certified pre-owned vehicle sales are beating prior-year figures by 8% as the segment remains a “bright spot” in the overall used-car landscape, according to a presentation Tuesday by Cox Automotive analysts. In fact, August was the strongest month for ... [Read More]

Reports of growing vehicle theft across the provinces has spurred many to call for vehicle theft safety regulation updates and improvements, as well as stronger efforts to find and repatriate these stolen vehicles. For example, in early September, the Equite Association called on Transport Canada to adopt new standards set out by UL standards and engagement (ULSE), to be more in line with U.S. regulations and standards. These changes would update Canada’s federal motor vehicle safety regulations and ... [Read More]

J.D. Power Canada recently released data that shows the auto service market is normalizing from COVID-19 impacts, and dealer share of the market is growing. Auto Remarketing Canada spoke with J.D. Ney, automotive practice lead at J.D Power Canada, to get more insight into the company’s Canada Customer Service Index—Long-Term (CSI-LT) Study results ... [Read More]