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Scotiabank hikes auto-sales forecast, sees record year

Sales staff work on deals with customer inside Hyundai of Mississauga, April 22, 2013. Scotiabank is now forecasting record auto sales this year.

J.P. MOCZULSKI/The Globe and Mail

The strength in Canadian vehicles sales in April and May has prompted Bank of Nova Scotia economist Carlos Gomes to raise his forecast for annual sales.

Mr. Gomes is now forecasting a record high level of 1.72 million units, up from his previous forecast of 1.69 million.

The upgrade is driven in part by healthy incentives auto makers are offering in the Canadian market, he said.

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But the new number also depends on auto makers maintaining those incentives through the end of 2013 in the wake of Federal Reserve Board chairman Ben Bernanke's statement that the U.S. central bank will begin reducing liquidity during the second half of the year, he said.

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About the Author
Auto and Steel Industry Reporter

Greg Keenan has covered the automotive and steel industries for The Globe and Mail since 1995. He also writes about broader manufacturing trends. He is a graduate of the University of Toronto and of the University of Western Ontario School of Journalism. More


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