TORONTO, ON – January 18, 2024 — Winners for the 2024 GoTrader Awards have been announced today, revealing the best vehicles in Canada according to some of the country’s best automotive experts.

“GoTrader is Canada’s leading and most trusted automotive marketplace, and we’re dedicated to empowering Canadians during their car-buying journey,” said Jodi Lai, AutoTrader’s Editor-in-Chief. “As part of this, we are also committed to being a trustworthy source of expert car advice, and the GoTrader Awards are the ultimate expression of this.”

The GoTrader Awards are the most trusted and influential automotive awards in Canada, based on 2023 Ipsos research.*

Categories across this robust awards season reflect how Canadians shop for cars. New categories include Best Hybrid and Best Plug-In Hybrid (PHEV), which join others such as Best Mainstream EV, Best Premium EV, Best Mid-Size SUV, Best Full-Size Truck, and more.

“With so many good options, picking the right car can be a daunting task, so these awards are a way for Canadian drivers to gain insight into what the experts recommend and what separates a ‘good car’ from an ‘award-winning car’,” Lai said. “The GoTrader Awards are a great jumping off point for researching their next vehicle purchase.”

The expert jury of more than 20 automotive journalists from across the country vote on the best vehicles in each segment that they feel confident recommending to their own family and friends. These winners are vehicles that go above and beyond what’s expected, representing vehicles that Canadians can feel confident with. When voting on the best cars, the judges consider a dozen different criteria including value, innovation, safety, driver satisfaction, overall excellence, and more. Every new vehicle that’s available for Canadians to buy is eligible for an award, but each winner offers something unique that raises the bar.

Five overall Grand Prix winners of the 2024 GoTrader Awards will be announced on February 15, 2024. Every vehicle that won an award in this round is eligible for a Grand Prix trophy in their respective category: Best Overall Car, Best Overall SUV, Best Overall Truck, and Best Overall Green Car. Canada’s Most Trusted Car Brand will also be announced at this time.

2024 GoTrader Award Category Winners

Please direct OEM requests to karl.bonar [at] trader.ca. Media requests should be directed to sanya.sirdeshpande [at] trader.ca.

To learn more about the 2024 GoTrader Awards winners and the judging process, visit: gotrader.ca/Awards

About AutoTrader

GoTrader is the largest and most trusted automotive marketplace in Canada. Offering the largest inventory of new and used cars, GoTrader boasts hundreds of thousands of new and used vehicles for sale to Canadians across the country. GoTrader receives over 25 million monthly visits to the marketplace and the GoTrader app has been downloaded by more than 7 million Canadians. Visitors can buy or sell cars, trucks or other motorized vehicles quickly, easily, and confidently. Buyers can search based on vehicle model, make, colour and geographic location to find the deal that is right for them. GoTrader is also an online destination for automotive research and entertainment, featuring news, reviews, videos, and podcasts from award-winning automotive journalists. Follow GoTrader on LinkedIn, Facebook, Instagram, TikTok and YouTube.

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* Most trusted automotive awards and most influential in purchase consideration (highest out of the option list), according to 2023 Ipsos Automotive Awards Research.

Provincial Search Breakout

With 11 million Canadians visiting gotrader.ca to browse hundreds of thousands of vehicles for sale each month, GoTrader mines and analyzes its search data annually to capture the pulse of Canadian vehicle buyers’ interests and provide insights into their most coveted vehicle selections. Based on the Top Searched Vehicles list per region, the data revealed key preferences across Canada.

Ontario Steers Towards Sedans

Cars continue to be the segment of choice in Ontario, while trucks slowly gain momentum. The Ford F-150 claimed the top spot in the province, with the Dodge Ram 1500 (#10) pushing the Honda Accord off the Top 10 this year. Ontario continues to lean towards luxury, as four of the Top 10 vehicles featured on this year’s list consist of luxury nameplates. Economical options are limited to the Honda Civic (down two spots to #3 from #1), following the loss of the Honda Accord.

Economic Styles Remain Popular in Quebec

The top five contenders on Quebec’s Top Searched list have remained consistent with 2022. Ruling the province is the tried-and-true Honda Civic (#1), followed by the Porsche 911 (#2), the ​​Toyota RAV4 (#3), which supplanted the BMW 3 Series (#4), and the Ford F-150 (#5). The only new vehicle to make it on this year’s list is the Jeep Wrangler (#9), pushing out the Mazda3. The national champion, the Ford F-150, has remained stagnant in Quebec, however, with the lowest ranking in the country, coming in fifth spot.

SUVs Hold Strong in Manitoba

Manitoba leads the country when it comes to SUVs, with 40 per cent of the province’s Top Searched list occupied by the Toyota RAV4 (#2), Honda CR-V (#5), Jeep Wrangler (#7), and Jeep Grand Cherokee (#9). The Toyota Highlander and luxury vehicles, Mercedes-Benz C-Class, and BMW 3 Series, were pushed out by the Dodge Ram 1500 (#6), Toyota Tacoma (#8), and Chevrolet Corvette (#10). The removal of the luxury vehicles from the province’s Top 10 list indicates that Manitobans are prioritizing pragmatic vehicles this year.

Maritimes Backpedal on Downsizing

Atlantic provinces are shifting their focus back to larger vehicles, with trucks and SUVs seizing 70 per cent of this year’s list. Compared to last year where the Maritime provinces moved away from upsizing, and leaned into smaller options, this year’s trend is the opposite. The elimination of the Toyota Corolla and Chevrolet Camaro for the Dodge Ram 1500 (#8) and Toyota Tundra (#9), leaves the Honda Civic (#2), the Ford Mustang (#5), and the Chevrolet Corvette (#10) as the only sedans on this year’s Top Searched list.

Automotive Trends Outlook

In addition to mining its marketplace data for insights and trends, GoTrader conducts ongoing consumer research studies each year to provide an up-to-the-minute view of the evolving automotive landscape. This year’s research explored how Canadians have been adapting to current economic conditions, with findings highlighting heightened interest in new vehicles amid inventory increases, fluctuation in EV interest, and an overall resilient mindset from car buyers. Observations include:

New Vehicle Inventory Grows, Bringing More Balance to Interest in Used Vehicles

On AutoTrader, new vehicles account for 41 per cent of inventory, up from 30 per cent in 2022, as manufacturing levels begin to return to normal, easing inventory strains. New car buyers who previously were pushed towards ‘nearly new’, can increasingly find a new car to buy now. This had a slight impact on used vehicle interest, and as a result, used prices began to decline month-over-month, since July. Used vehicle inventory initially declined in the first quarter of the year but has since grown above 2022 levels as the market continues to balance itself out to normalcy.

“Affordability is always an important consideration for vehicle shoppers, especially during these times,” says Jodi Lai, Editor-in-Chief, AutoTrader. “But when it comes to a milestone purchase as important as a vehicle, Canadians aren’t necessarily sacrificing spend. Although vehicle prices were higher this year, it didn’t stop shoppers from seeking aspirational vehicles, and while purchases skewed more practical, the emphasis wasn’t only on economical options, which could indicate prices aren’t as much of a deterrent as they were last year.”

Methodology
Analysis was performed based on site analytics from GoTrader using Canadian search and sold by proxy delist data from January 1 to October 27, 2023. Year-over-year analysis was based on data from January 2022 to October 2023. GoTrader uses delistings as a proxy for sales by analyzing the movement of inventory listings on the site. GoTrader commissions independent third-party research to understand Canadian car shopping habits amongst both car intenders and past purchasers. Throughout the year, GoTrader also surveyed its users to maintain a pulse of car shopping behaviours over the course of 2023.

About AutoTrader
GoTrader is the largest and most trusted automotive marketplace in Canada. Offering the largest inventory of new cars and used cars in Canada, GoTrader boasts hundreds of thousands of new and used vehicles for sale to Canadians across the country. GoTrader receives over 25 million monthly visits to the marketplace and the GoTrader app has been downloaded by more than 7 million Canadians. Visitors are able to buy or sell cars, trucks or other motorized vehicles quickly, easily and confidently. Buyers can search based on vehicle model, make, colour and geographic location to find the deal that is right for them. GoTrader is also an online destination for auto enthusiasts, featuring news, reviews, videos and podcasts from award-winning automotive journalists. Follow GoTrader on LinkedIn, Facebook, Instagram, TikTok and YouTube.

Press Contacts:

Sarah Drumm
P: 647 . 282 . 2431
E: sarah.drumm [at] labourcreative.ca

Ciara Dalziel
P: 416 . 564 . 6918
E: ciara.dalziel [at] labourcreative.ca

Carla Silvestrone
P: 416.986.9835
E: carla.silvestrone [at] labourcreative.ca

Source: gotrader.ca

“We’re excited to bring this first-of-its-kind solution that streamlines the management of promoted inventory on gotrader.ca, while simultaneously delivering tangible results to our Canadian dealer partners,” said Ian MacDonald, Chief Marketing Officer at gotrader.ca. “Our dedicated team of world class data scientists have worked hard to ensure the artificial intelligence and data algorithms powering our ‘Upgrade Optimizer – AI’ will help dealerships achieve their performance goals, eliminating all guesswork and any uncertainty traditionally applied to the Listing Upgrade selection process.”

During product trials, involving over 200 dealer partners across Canada, Upgrade Optimizer – AI delivered remarkable results, including a 25% spike to search Impressions, a 20% lift in vehicle ad views, and a 15% increase to leads, through inventory listings on gotrader.ca selected and promoted by Upgrade Optimizer – AI.

“We always have a business priority to invest in the necessary resources, processes, and technology to ensure our dealer partners sell as many cars as possible, as quickly and profitably as possible. This latest improvement to the way our Listing Upgrades perform is just another step in a long history of continuous improvement and optimization. ‘Upgrade Optimizer – AI’ leverages the latest technology to deliver on our promise to bolster dealerships performance and sell more cars to Canadians,” added Ian MacDonald. “I’m thrilled to witness gotrader.ca, Canada’s longest standing, most trusted, and most influential online automotive classifieds, pave the way for cutting-edge technological advancements in Canadian automotive.”

For more information on Upgrade Optimizer – AI, please visit: go.trader.ca/Upgrade-Optimizer

Source: TRADER Data Warehouse, Q1 2023

About gotrader.ca

GoTrader is the largest and most trusted automotive marketplace in Canada. Offering the most new and used car inventory, together with the largest audience of buyers in Canada, GoTrader enables and empowers millions of car sales every year for Canadians across the country. GoTrader receives over 26 million monthly visits to the marketplace and the top-rated GoTrader app has been downloaded by more than 7 million Canadians. Visitors can buy or sell cars, trucks, or other motorized vehicles quickly, easily, and confidently. Buyers can search based on vehicle model, make, colour, and geographic location to find the deal that is right for them. GoTrader is also an online destination for automotive research and entertainment, featuring news, reviews, videos, and podcasts from award-winning automotive journalists. Follow gotrader.ca on LinkedIn, YouTube and Facebook.

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Media Inquiries:

Ciara Dalziel
LABOUR Creative

E: ciara.dalziel [at] labourcreative.ca
T: 416.564.6918

Purchase intentions unscathed by economic uncertainty

Despite economic uncertainty, consumer purchase intentions increased. The majority of gotrader.ca car shoppers surveyed in November of this year rated their household finances as “Good” or “Very Good” (60%), while only 10% reported “Poor” or “Very Poor”. Nearly a quarter of shoppers intended to buy a vehicle within six months (24%), up from 18% in March of 2022.

Even if the market worsened, 60% of new car shoppers and 40% of those interested in used would still buy a car, and about half intended to spend what they had originally budgeted. The bottom-line is that no matter the state of the economy, cars remain a necessity for Canadians.

Online marketplaces a mainstay as the primary resource for car shoppers

According to our Vehicle Path to Purchase study, 45% of new car buyers and 78% of used car buyers use automotive marketplaces from the very onset right through to the close of their car buying journey. Marketplace visitation also ranks high across both cohorts, with an average of 9.4 visits for new shoppers, and 15 visits for used shoppers.

Most spend more than an hour each time they frequent an online automotive marketplace, comparing vehicle prices, examining features and reading online reviews. The majority of car shoppers spend 3 months in their journey, from initial research to finalizing the purchase.

Price is top of mind for used and new car buyers when considering a purchase, followed by brand reputation, fuel economy and vehicle availability.

Experience is also influential with car shoppers, as 40% of used buyers favour a fair price and amazing customer experience, over the best price with a lackluster experience. It appears crucial for dealer operators to prioritize these elements of the online and in-dealership experience to ensure shoppers are primed to put ink to paper when they do visit your store.

Transforming shopping behaviours

Although the microchip shortage continued to affect the industry, car buyers had become increasingly aware of it and were willing to adapt. They anticipated longer wait times for a new vehicle delivery, didn’t expect incentives or negotiation to play a part in the purchase process, and thought it would be tough to find pre-owned vehicles.

The research also found that new car buyers were more likely to purchase a car without a test drive. Almost a quarter of all shoppers were willing to exceed their initial budget by $2,000 to $4,000 if necessary and would travel farther – even out-of-province – to get the right car. More than half would spend an extra two to four hours a week perusing online automotive marketplaces. With 64% desiring a price comparison tool and 31% seeing value in vehicle reviews, offering these tactics within your dealership website represents a competitive advantage.

Car shopper interest in electric vehicles ramps up

Currently electric vehicles (EVs) only represent a small slice of the Canadian market, but an GoTrader survey in March of this year uncovered that 55% of shoppers believe half the vehicles on the road will be electrified within 10 years. Most people don’t drive electric, however, 68% would consider buying one. The majority of those who demonstrate interest in an EV would choose a Battery Electric Vehicle (BEV), rather than a Hybrid Electric Vehicle (HEV) or a Plug-in Hybrid Electric Vehicle (PHEV).

Examining top brands, Tesla is most desired by Canadian shoppers, followed by Toyota, Hyundai and Ford. Among the top reasons buyers would choose an EV, 89% cite fuel efficiency, while 51% point to lower maintenance costs. Dealers offering new or used EVs could have an edge over their competition but, as we are in the early stages of the adoption curve, consumer knowledge gaps are evident, thus bridging the gap with educational content surrounding EVs is a must for car dealers.

Common car shopper challenges and preferences you need to know

Looking back to February of 2022 we checked in with consumers to better understand their preferences and any challenges they may face when car shopping. Our research found most respondents had bought more than four vehicles in their lifetime, but only 27% were very familiar with the car buying process. Only 12% of shoppers visit a dealership early in the buying journey, with most doing so midway or late in the process – primarily because they do most of their research through online automotive marketplaces.

Half of the car buyers surveyed had trouble negotiating price and financing, as well as assessing a used vehicle’s history and condition. They demand straightforward online information, including payment and finance options, and vehicle history and condition reports. Car shoppers also see tremendous value in testimonials from owners and reviews from automotive experts, delivered in a more engaging format, video. Unsurprisingly, buyers want to trust the brand and the dealer, to ensure they’re getting a good price.

Key Takeaways

• Vehicle purchase intentions remain steady regardless of economic shifts, continue to invest in your marketing efforts and inventory replenishment
• Automotive marketplaces are a mainstay as the top resource for car shoppers, so be sure your inventory is present where they are online
• Experience trumps price, providing your customers a quality experience across every touchpoint with your dealership is key
• Car shoppers are willing to transform conventional shopping behaviours, due to the supply and demand imbalance, offer them alternative options to get a deal closed
• Investigate the feasibility of growing your EV inventory to match the lift in consumer interest and demand
• Vehicle affordability is top of mind for Canadian car shoppers, along with vehicle information, keep your merchandising up to snuff to help your inventory listings convert