Currency Shift May Drive U.S. Dealers North of the Border
Canadian car-pricing expert Paul Timeoto has predicted that a falling Canadian dollar will attract U.S. dealers in search of bargains to help stock their used-vehicle inventories, according to The Vancouver Sun.
MISSISSAUGA, Ontario — Canadian car-pricing expert Paul Timeoto has predicted that a falling Canadian dollar will attract U.S. dealers in search of bargains to help stock their used-vehicle inventories, according to The Vancouver Sun.
Timeoto, the president of CarCostCanada.com, said that he expects the reverse of a recent trend that saw Canadian dealers taking their stronger currency — which peaked at $1.0298 USD in early 2008, a modern-day high — south of the border.
"Dealers went down there and literally brought them back by the truckload and Canadians saved a lot of money that way," Timeoto told the Sun. "But that situation has dried up now and the reverse is likely to happen."
The Canadian dollar currently sits at $0.80991 USD, a near-20 percent drop from late July.
"The prospect of U.S. dealers coming up here to buy is looming very strongly now," Timeoto said. "The dollar has only been below 90 cents US for a few weeks so it may take a little while for them to pay attention to our market. But it won't take long."
The full text of the Vancouver Sun article can be found here.
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