Canadian Auto Sales Starting to Match Last Year's Record Pace-BMO Economics

TORONTO, ONTARIO--(Marketwired - May 1, 2013) - Canadian auto sales continued their torrid pace in April, with a 9 per cent year-over-year increase. BMO Economics is now projecting that this year's sales pace may match the record levels seen in 2012.

"After keeping within striking distance of last year's record setting first quarter, it looks like sales are poised to move alongside last year's speedy pace for the remainder of the year - chalking up another strong showing for the Canadian market," said Alex Koustas, Economist, BMO Capital Markets. "Light trucks and cross-over units continue to be the market mover, with a slew of updates and new models still in store to pique consumer interest."

"The continued strong showing is great news for the Canadian auto industry," said Robert Sadokierski, Head of Dealership Financing, BMO Bank of Montreal. "These April numbers are yet another indication of a strong year ahead, and dealers are in a good position to support consumer demand."

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at January 31, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.