October new vehicles sales hit lowest point in 10 years

It was a rough month for new vehicles sales in Canada. It was actually the lowest mark for sales in October since 2011, according to industry analysis.

Light vehicle sales for the month fell to 128,419 units, according to estimates from DesRosiers Automotive Consultants. That’s a drop of 17.7 per cent compared to the same month last year. Only September (19.6 per cent) saw a bigger drop this year.

“To nobody’s surprise the primary culprit remained the semiconductor shortage with its associated erratic swings in sales from one model to another,” DesRosiers’ announcement said.

Staying in line with numbers from September, the seasonally adjusted annual rate of sales is currently at “a limp” 1.57 million.

“While there were some tentative rays of hope in improved availability of one or two key models, the overall picture in October was one of a market held back by continued supply chain problems across a wide range of manufacturers,” said Andrew King, DesRosiers’ managing partner.