Toronto, Ontario – The fast-rising Canadian dollar has created a corresponding increase in vehicle imports, according to vehicle importer, Import Trader.
“We are already seeing a rebound now that the dollar has quickly jumped back over 90 cents,” said Mark Sandelin, CEO of Import Trader. “At 93 cents, there are fantastic prices in the U.S.”
Last year, 239,929 vehicles were imported into Canada from the U.S. by Canadian consumers. The market slowed by the end of 2008, when the Canadian dollar fell well below the 90-cent mark, and only 18,794 vehicles were imported in the first quarter of 2009.
So far, 61,618 vehicles have been imported in the first seven months of 2009, stemming from the recent surge of the Canadian dollar and the economic uncertainty facing U.S. dealers. Some Canadians buy their American vehicles from local dealers who sell U.S. imports, while others buy their vehicles directly in the United States, usually from an American dealer.