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Porsche retail network continues its investment in Canada

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2 years ago

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Porsche Centre Richmond is one of the sales points featuring the new “Destination Porsche” architecture GNW

Five of the brand’s retail operations inaugurated new buildings this year while an entirely new sales point will be added in the Niagara area

Toronto, ON, Dec. 08, 2022 (GLOBE NEWSWIRE) — Porsche Cars Canada, Ltd. (PCL) is pleased to recognize the substantial investments by its dealer partners coast to coast in 2022 with the inauguration of five new retail point facilities as well as the ground breaking of an entirely new location in St. Catharines, ON.
“As we look back to 2022, one of the proudest accomplishments will certainly be the enhancement of several of our brand’s retail locations across the country,” said John Cappella, President and CEO, Porsche Cars Canada, Ltd. “The investments by our dealer partners reflect the confidence in our brand and its enduring success in Canada.”Three existing dealerships opened the doors to new facilities this year: Porsche Centre Edmonton and Porsche Centre Winnipeg, both operated by Go Auto, as well as the Wyant Group’s Porsche Centre Saskatchewan. Moreover, two other new buildings featuring the latest Destination Porsche design architecture were inaugurated. Bookending the country, Dilawri and Open Road Auto partnership Porsche Centre Richmond as well as Steele Group’s Porsche of Halifax now espouse the striking new corporate concept. The new design was first adopted in Canada with the opening of the relocated Porsche Centre Quebec, owned by Drew Tilson, followed by the all-new Lithia-Motors-operated Porsche Centre Markham last year.
The Destination Porsche concept is characterized by its emphasis on brand experience and inspiration, its flexibility, and the use of digital media for individualized communication. A central idea is that dealerships are intended to become a central gathering place for the Porsche community, appealing to current as well as new customers. Destination Porsche as well as all other Porsche Centres are also ready for the accelerated electrification of the brand’s line-up, with dedicated electric vehicle (EV) charging stations on-site, as well as an EV battery repair room for servicing the Porsche Taycan and the brand’s future electric models.In addition to the enhancements at existing retail locations, earth works have officially commenced at the future site of Porsche Centre Niagara, an entirely new dealership located in St. Catharines. The Policaro Group will be operating this point along with Porsche Centre Oakville. Furthermore, the group is slated to inaugurate Porsche Centre Kitchener-Waterloo in 2023. The coming year will also see the opening of Mark Motors’ relocated facility in Ottawa. These investments by PCL’s dealer partners will benefit customers and give new momentum to the evolution of Porsche automotive retail in Canada.
About Porsche Cars Canada, Ltd.Established in 2008, Porsche Cars Canada, Ltd. (PCL) is the exclusive importer and distributor of the Porsche 911, 718 Boxster and 718 Cayman, Taycan, Panamera, Cayenne, as well as Macan. Headquartered in Toronto, Ontario, since 2017, PCL employs a team of more than 60 in sales, aftersales, finance, marketing, retail development, and public relations. They, in turn, work to provide Porsche customers with a best-in-class experience in keeping with the brand’s 70-year history of leadership in the advancement of vehicle performance, safety, and efficiency. In 2019, a Parts Distribution Centre opened its doors in Mississauga to service the countrywide network of 21 Porsche Centres. PCL is the dedicated subsidiary of Porsche AG, headquartered in Stuttgart, Germany. In 2021, Porsche delivered 9,141 units in Canada, marking its best-ever sales year.At the core of this success is Porsche’s proud racing heritage that boasts some 30,000-plus motorsport wins to date.

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

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6 days ago

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September 6, 2024

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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 150 points, U.S. stock markets also higher

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2 weeks ago

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August 29, 2024

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

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1 month ago

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August 5, 2024

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The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.

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