TORONTO — A new survey of Ontario used auto dealerships shows the market is already under pressure with more pain likely to come.
The survey conducted by DesRosiers Automotive Consultants Inc. and the Used Car Dealers Association of Ontario found that almost a third of dealers saw prices decline between 11 and 20 per cent from March to April, while more than 15 per cent perceive prices down at least 21 per cent.
Of the roughly 1,300 dealers who responded, around 80 per cent expect total sales to decline at least 26 per cent this year and around 30 per cent expect sales to decline by more than half.
The immediate pressure on the market came after the province ordered dealerships closed as part of preventative measures around COVID-19, though