Canada auto sales up 11% in May

|By:, SA News Editor

While auto sales in the U.S. disappointed in May, Canada saw a 11% jump in sales during the month to climb back over a 2M units annual selling rate.

"Enhanced incentives and a fierce fight for market share has narrowed the sales gap among the top three market leaders to less than 5,500 units so far this year, down from nearly a 21,000-unit difference a year ago," notes Statistics Canada.

GM Canada (NYSE:GM) reported a 36% jump in sales to 31,149 units to record its best May since 2009.

Luxury brands in particular performed well in Canada during the month, with Jaguar (NYSE:FCAU), Audi (OTCPK:VLKAY), Porsche, Acura (NYSE:HMC) and Lexus (NYSE:TM) all posting double-digit sales growth from a year ago.

Related ETF: CARZ.

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