The RV Dealers Association of Canada announced that it is in constant contact with federal and provincial officials who are overseeing the national response to the COVID-19 pandemic. RVDA of Canada is working closely with these officials on the necessary fiscal stimulus to support the businesses and workers affected by this crisis.
RVDA of Canada stated that it will continue to share additional available information as this unfolds and encourages dealer input.
Overall, for the auto and RV sector, RVDA of Canada stated that production and global supply chains have been disrupted as a result of the outbreak. Factory closures and quarantined workers have taken a toll on the industry beyond the borders of China, as shortages in supply stall vehicle production around the world. Here in Canada, there may be shortages in certain models and parts in the short-term until the pandemic is fully contained.
The government of Canada recently announced a $10 billion (CAD) fiscal stimulus to assist with the economic and health response to the COVID 19 outbreak in Canada. In addition, the Bank of Canada has already taken the extraordinary preventive step to cut rates in order to mitigate the impact of the outbreak on our domestic economy. The Superintendent of Financial Institutions also announced an additional $300 billion to ease lending capacity by the major banks.
While monetary and fiscal policy is only one solution to this complex issue, it will certainly help spur consumer spending and boost business confidence, the RVDA of Canada stated.
