Take Stock – September 21

Increasing demand and plummeting supply have pushed used car prices in Canada steadily higher since last summer, a trend that is only expected to continue, industry players say.

Open for

Business

MOMO SUSHI

4819 48th Ave.

Red Deer

403-872-3045

• Owner

Jacob Takashi

• Type of business

Japanese cuisine, including sushi, tempura, teriyaki and salads.

• Opening date

Sept. 18

BEARS & WISHES

No. 171, 2004 Gaetz Ave.

(Southpointe Common)

Red Deer

403-348-0200

• Owners Paul Gyori and Deb Brodersen

• Type of business

Plush animals as an alternative to floral bouquets.

• Opening date

Sept. 5

New business that have opened in Central Alberta within the past three months and wish to be listed here can send their information to Harley Richards by email (hrichards@bprda.wpengine.com) or fax (403-341-6560).


Used car

prices

increasing

Increasing demand and plummeting supply have pushed used car prices in Canada steadily higher since last summer, a trend that is only expected to continue, industry players say.

The business manager of an independent used-car dealership in Oshawa, Ont., said that he was able to buy a “decent,” three- or four-year-old van at auction for $6,000 last year. The same van would cost him $7,000 today. “For us as an independent, it’s becoming difficult to purchase quality used vehicles,” said William Smith of RER Automobiles. “It’s pretty simple: if there’s less to go around, then you end up paying more for the same thing.”

Several factors have combined in the last year or so to restrict supply in the used vehicle market, auto industry analyst Dennis DesRosiers said. Fleet sales — which are made to car rental agencies, but include fleets of vehicles used by businesses and government — began to fall over the last couple years as the rental market softened, said DesRosiers, president of DesRosiers Automotive Consultants. In the past, a rental agency would get rid of their cars after three or four months, auctioning them off to dealerships who would in turn sell them to the public. Today, rental agencies tend to keep their cars for a year or even longer before auctioning them off, which has slowed down an important supply of used vehicles. Another key supply of used vehicles virtually disappeared this year when credit markets froze, making it difficult for consumers to lease new vehicles.

– The Canadian Press

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