MONTREAL (Reuters) - Imports of second-hand vehicles to the United States from Canada have soared to their highest level since 2002, driven by a weakening Canadian dollar, according to data by DesRosiers Automotive Consultants.
Almost 200,000 previously-owned, or “used,” vehicles from Canada were imported into the United States in 2015, more than double the total from a year earlier, auto consultant Dennis DesRosiers wrote in a research note Thursday.
“This level of cars being imported into the U.S. is the highest observed since 2002 and is largely driven by the exchange rate imbalance and the weaker Canadian dollar,” DesRosiers wrote.
The Canadian dollar, which has been hammered by the sinking price of oil, hit a fresh 12-year low against its U.S. counterpart on Thursday. It weakened to just under 69.5 U.S. cents.
Reporting by Allison Lampert in Montreal, editing by G Crosse