Canadians Import 24,873 Cars in October
Thanks to the parity between the Canadian loonie and U.S. greenback– and carmakers' failure to lower their Canadian prices to compensate– our neighbors to the north are flocking south to buy new and used vehicles from American car dealers. The Toronto Star finally puts numbers to the trend: Canadian cross-border shoppers imported 24,873 cars in October. That's double the previous month's total (12,289). It seems the trade is having a ripple effect on the entire industry, as savvy buyers wait for automotive prices to drop. To wit: Canadian new car sales declined from August's 158,394 to October's 121k. The toll on "domestic" used cars could be even heavier. However, as we've reported, the entire trade has just fallen afoul of federal regulations requiring Canadian-spec, manufacturer-approved, anti-theft immobilizers. With over a thousand imported cars in limbo, the resulting confusion and outrage is certain to create some major political blowback– especially with as Transport Canada admits some of those cars may have been purchased between Sept. 1, when the new regulation came into effect, and the time when the agency posted the list of prohibited vehicles on its website. Oops.
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