A recent survey by the Ontario Motor Vehicle Industry council (OMVIC) finds that dealer principals and vehicle salespeople are leery of the long-term economic outlook for the province, given ongoing pandemic restrictions.
The survey, the council’s second since the outbreak of coronavirus this year, shows that dealers are not optimistic about the economy, with 36% not confident or ‘not at all’ confident. Fully 38% are neutral about long-term prospects. Only 24% confident or very confident.
Their sales outlook is significantly lower than the same period in 2019. Furthermore, 72% of respondents believe their sales will be lower in the next six months.
The full report, Covid-19: The Impact, the Opening & the Way Forward, can be downloaded HERE.
Motor vehicle dealers report that they are still facing vehicle shortages, with 78% indicating they’re having difficulties obtaining vehicles (both new and used). They believe the biggest driver of future motor vehicle sales in the next six months will be improved consumer confidence in the economy (42%); low interest rates and availability of financing (18%) and the supply of automobiles to sell (26%).
Over 1,800 salespeople also completed the survey, revealing a greater level of confidence in the future. Some 39% of respondents said they are confident or very confident; 35% are neutral, and 26% are not confident or not at all confident.