No, this doesn’t mean that the automakers in Detroit are rolling in the dough. What it does mean, though, is that Canadians are heading south of the border in record numbers to purchase their automobiles. In fact, according to the North American Automobile Trade Association, there has been a 68% increase in the number of cross-border sales since September.
Obviously, this increase of Canucks buying cars and trucks in the States is largely due to the rising loonie and the crippled greenback. Add to this that car prices are already typically higher in Canada, even beyond the exchange rate, and you can see why Canadians would be so motivated to head south of the 49th parallel.
Many Canadian dealerships are upping the ante in terms of cash rebates and other discounts in hopes of attracting and retaining their customer base, but many consumers take one glance at the sticker price and then truck on over to Seattle, Detroit, or whatever other neighboring US city is closest.