Total vehicle industry sales for February totaled 48 149 units as reported by NAAMSA. The overall industry was 8.1% down versus February 2015, which is consistent with the year to date decline of 7.6%. Passenger car sales for the month were down 6.1% vs February 2015 with sales to rental companies partially offsetting the declining sales through the dealer channel. Light Commercial Vehicle (LCV) sales were down 13.1% in February, however we expect some recovery in LCV sales in March with new entries into the market.
General Motors South Africa (GMSA) sold a total of 3 938 units at NAAMSA level headlined by strong sales from Chevrolet Spark (678 units), Chevrolet Utility (980 units), and Isuzu KB (1108 units).
It is clear that consumer purchasing power is under pressure due to interest rate increases, and inflation. “As we now near the end of the first quarter of 2016, it is increasingly apparent that the current troubled economic environment is impacting directly upon vehicle sales, with a lack of confidence from both business and individual consumers compounding the current economic challenge,” says Brian Olson, GMSA Vice President Vehicle Sales, Service and Marketing.
“We expect the NAAMSA new vehicle industry to show a continued decline in volume throughout 2016,” said Olson.
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