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TORONTO, ONTARIO--(Marketwired - April 2, 2013) - Canadian auto sales dipped slightly by 0.7 per cent year-over-year in March, but are still on track to come close to last year's strong performance, according to BMO Economics.

"These figures demonstrate continued strength in Canadian auto sales," said Alex Koustas, Economist, BMO Capital Markets. "It's important to remember that first quarter sales in 2012 pushed a near-record pace. Despite trailing slightly behind, the first quarter of 2013 is again proving to be very strong for the Canadian market."

Mr. Koustas noted that these figures bode well for the rest of 2013. "If the momentum from the first quarter continues, sales are set to come in just under last year's stellar 1.7 million-plus sales figure."

"Luxury car sales were key to the strong auto sales we saw last year - a clear indication of improved consumer confidence," said Robert Sadokierski, Head of Dealership Financing, BMO Bank of Montreal. "If the March numbers which were announced today are any indication, the Canadian auto sales market is set for another strong year."

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at January 31, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.