From the Editor: What lies ahead for Canadian used-car market?
Pardon my cliche: To understand what’s in store for the Canadian remarketing business, you need to look back at the recent past.
For instance, this spring, I attended my first Auto Remarketing Canada conference in five years.
Aside from the growth in attendance numbers (major props to my colleagues on our conference team), the biggest change I noticed was some of the topics being discussed.
A glance back at the agenda shows phrases like digital finance, mobile messaging, digital-first, harnessing technology, innovation.
And while these key themes in the Canadian used-car business didn’t just appear out of thin air (you’re welcome, Cliche No. 2), they have certainly received more attention and become a more integral part of the industry.
My hunch is that this is just the beginning.
The same digital and ecommerce push that has impacted the U.S auto market the past three years is likely to gain more momentum north of the border.
I think you will also see some of the meat-and-potatoes fundamentals of the Canadian used-car market change.
I asked my Auto Remarketing Canada partner-in-crime Sarah Rubenoff what she has noticed about the market since jumping back into her role covering the industry earlier this year.
She told me that in her reporting, she has noticed that the long-anticipated used-car supply growth and subsequent price decline will actually come to fruition sooner rather than later. Sarah also shared, with supply already so strong in the U.S., there aren’t as many American buyers heading north to get cars at auction.
That’s certainly a change from a few years back.
And perhaps there’s more to come — be it online, in the lanes or on the lot.