A Bank of Nova Scotia report forecasts auto sales in Canada and Mexico this year will top the record-setting pace they set in 2014.

Scotiabank analyst Carlos Gomes predicts Canadian auto sales will rise to 1.86 million vehicles in 2015, from 1.85 million in 2014, while sales in Mexico will total 1.17 million this year, up from 1.13 million.

Meanwhile Americans are expected to buy roughly 17 million new vehicles in 2015, the highest level since 2001, and an increase from 16.4 million last year.

The report says strong economic growth, improving household finances and aging vehicles in need of replacing will be behind the sales boost in the U.S.

Robust U.S. demand will, in turn, improve exports for Canadian and Mexican automakers.

Combined, auto sales in Canada, the U.S. and Mexico are forecast to total 20.03 million this year, topping the previous peak set in 2000, when there were 19.8 million vehicles sold.