Canada’s best-selling vehicles in 2017's first three quarters
The auto manufacturers have maintained strong sales for the majority of 2017, with the industry on track to sell a record 2mn units over the course of the year.
Whilst Canadian auto sales dipped 1.2% in November year-on-year, the strong performance for the majority of the year has seen a 5% rise in auto sales for 2017 to date – an increase that likely take Canada above the 1.95mn vehicles sold last year.
With this in mind, we take a look at the top selling vehicle models that have driven this record year so far, using data from AutoFocus, with all six models mentioned having sold over 40,000 models in the first three quarters of 2017.
6) Toyota Corolla – 41,878
Both the Corolla iM and the Corolla Sedan have played a part in driving the Toyota Corolla brand to being one of the best-selling vehicle models in Canada throughout 2017. The 41,878 units sold in the first nine months represents a 16% increase year on year.
5) Chevrolet Silverado – 45,727
The Chevrolet Silverado is the first truck that features on the list, with trucks accounting for over two-thirds of all vehicles sales in Canada so far, this year. Year on year, the Silverado’s sales were up by a similar number, with a 31% increase.
4) GMC Sierra – 48,459
Like the Silverado, the GMC Sierra is expecting to achieve record sales for 2017. Throughout the nine-month period the Sierra saw a 23% increase in sales.
3) Honda Civic – 56,928
Honda Civic is once again Canada’s highest selling car, with 2017 making it a 20th consecutive year for the vehicle model. However, despite this, the Civic still saw a 13% increase in total sales for the period as a result of the strong performance experienced across the industry.
2) Ram P/U – 80,688
With both of the top two best selling vehicles of first three quarters of 2017 being trucks, placing second is FCA’s RAM P/U. If sales continue in Q4 as they have for the rest of year, currently up 14%, then over 100,000 will be sold in 2017 for the first time.
1) Ford F-Series – 123,036
The Ford F-Series has already sold more models in the first nine months of 2017 than any other vehicle is likely to produce for the whole year by some margin. The company is expected to sell over 150,000 vehicles throughout 2017 – both a 6% increase and a figure that would equal about 8% of total Canadian vehicle sales for the year.
Six issues at the top of tax and finance leaders’ agenda
New Deloitte research reveals that tax leaders are under increasing pressure to add strategic value as companies accelerate business model transformation, from undergoing digital transformations to rethinking their supply chains or investing in green initiatives.
According to Phil Mills, Deloitte Global Tax & Legal Leader, to “truly deliver value to the business, the tax function needs to rethink its resourcing model and transform its technology infrastructure to create capacity and control costs”.
And the good news, according to Mills, is that tax and business leaders have more options at their disposal to achieve this.
Reflecting the insights of global tax and finance executives at global companies, Deloitte’s Tax Operations in Focus study reveals the six issues at the top of tax and finance leaders’ agenda.
Trend 1: Businesses seek more strategic counsel from tax
Companies are being pushed to develop new digital products and distribution channels and accelerate sustainable transformation and this is taking them into uncharted tax territory. Tax leaders say their teams must have the resources and skills to give deeper advisory support on digital business models (65%), supply chain restructuring (49%) and sustainability (48%) over the next two years. This means redrawing the boundaries of what tax professionals focus on, and accelerating adoption of advanced technologies and lower-cost resourcing models to meet compliance requirements and free up time.
According to Joanne Walker, Group Tax Director, BT Group PLC, "There’s still a heavy compliance load today, but the vision for the future would be that much of that falls away, and tax people become subject matter experts who help program the machine, ensure quality control, and redirect their time to advisory activity.”
Trend 2: Tipping point for resourcing models
Business partnering demands in the tax department are on the rise, but 93% of tax leaders say their department’s budget is remaining flat or falling. To ensure that the tax function can redefine itself as a strategic function at the pace that is required, leaders are choosing to move increasing amounts of compliance and reporting to a combination of shared service centers, finance departments, and outsourcing providers that have invested in best-in-class technology.
Trend 3: Digital tax administration is moving faster than expected
in addition to the rising focus of the corporate tax department partnering with their business counterparts, transformative changes to the way companies share tax information with revenue authorities is also creating an imperative to modernize operations at a faster pace. Nine in 10 (92%) respondents say that shifting revenue authority demands on digital tax administration will have a moderate or high impact on tax operations and resources over the next five years—and several heads of tax said the trend is moving faster than expected.
"It’s really stepped up in the last couple of years," says Anna Elphick, VP Tax, Unilever. "Tax authorities don't just want a faster turnaround for compliance but access into a company’s systems. It's not unreasonable to think that in a much shorter time than we expect, compliance will be about companies reviewing a return that's been drafted by the tax authorities."
Trend 4: Data simplification and lower-cost resourcing are top priorities
Tax leaders said that simplifying data management (53%) and moving to lower-cost resourcing models (51%) must be prioritized if tax is to become more proactive at delivering strategic insights to the business. Many tax teams are ensuring that they have a seat at the table as ERP systems are overhauled, which is paying dividends: 56% of those that have introduced NextGen ERP systems are now highly effective at supporting the business with scenario-modeling insights. Only 35% of those with moderate to low use of NextGen ERP systems said the same.
At Stryker, “we automated the source P&L process for transfer pricing which took a huge burden off of the divisions," says David Furgason, Vice President Tax. "Then we created a transfer price database to deposit and retrieve data so we have limited impact on the divisions. We are moving to a single ERP platform which will help us make take the next step with robotics.”
Trend 5: Skillsets are shifting
Embedding a new data infrastructure and redesigning processes are critical for the future tax vision. Tax leaders are aligned — data skills (45%) and technology process experience (43%) are ‘must have’ skills in a tax department of the future, but more traditional tax specialist knowledge also remains key (40%). The trick to success will be in tax leaders facilitating the way these professionals, with their different backgrounds, can work together collectively to unlock lasting value.
Take Infineon Technologies, which formed a VAT technology and governance group "that has the right knowledge about how to change the system to ensure it generates the right reports", according to Matthias Schubert, Global Head of Tax. "Involving them early was key as we took a greenfield approach, so we could think about what the optimal processes would look like and how more intelligent systems could make an impact
Trend 6: 2020 brought productivity improvements
Improved productivity (50%) and accelerating shifts to remote working (48%) were cited as the biggest operational benefits to emerge from COVID-19-driven disruption. But, as 78% of leaders now plan to embed either hybrid or fully remote models in the tax function long term, 34% say maintaining productivity benefits is a top concern. And, as leaders think about building their talent pipeline and strengthening advisory skill sets, 47% say they must prioritize new approaches to talent recognition and career development over the next two years, while 36% say new processes for involving tax in business strategy decisions must be established.