Canadians import record number of new and used vehicles as loonie soars
OTTAWA - A record number of Canadians imported vehicles from the United States this year, said a report released Monday as economists warned that an automotive shopping spree south of the border could drive down selling prices in Canada.
Scotia Economics (TSX:BNS), citing data from the Registrar of Imported Vehicles, said Canadians imported a record 137,000 new and used vehicles from the U.S. through October, after the loonie overtook the slumping greenback.
Scotiabank auto industry specialist Carlos Gomes said Canadians imported 24,873 vehicles in October alone - twice as many as in October 2006 and a 68 per cent jump over the 14,832 vehicles imported this September.
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