TD WARNS 2020 SALES COULD FALL 23% - TAKE YEARS TO GET BACK TO
'NORMAL'
Canadian new-vehicle sales in April will be "far
worse" than March, annual sales are set to plunge more than 20
per cent and recovery could take months if not years, Toronto
Dominion Bank warns in a new report. The bank's Canadian Auto
Outlook Update says April's total could be as low as 40,000,
down 80 per cent from the same month a year ago and on par with a
recent forecast by Scotiabank Economics. "While most
dealerships have shifted to having a stronger online presence, it
seems unlikely that online purchases will provide a meaningful
offset over the coming months," TD says. "Given both the
magnitude of the shock and current level of uncertainty, consumers
are likely to forgo near-term purchases and wait until better
economic conditions prevail." Through the first few weeks of
March, volumes were tracking a relatively "normal" pace
of sales for the month, TD said. But "April promises to be
