The new vehicle market displayed Government’s economic objectives as the country moved into Lockdown Level Two regulations during August. As various initiatives begin contributing to a gentle easing of economic activity and stimulus to various sectors of the South African economy, the new vehicle market could have begun gaining some momentum as activity and sales increased. Overall volumes of new vehicle sales increased 1,119 units over July to 33,515. This is 26.3% down on August last year, … [Read more...] about Lower lockdown levels nudge car sales higher
Lebogang Gaoaketse
Motor Vehicle Sales Start Recovering Some Momentum
The new vehicle market returned to its first full month of sales in June since lockdown commenced. Nonetheless, that didn’t mean a return to the usual levels of sales pre-COVID-19 as the market continues to remain under immense pressure. New vehicle sales for June continued its recovery as the entire motor industry returned to business under Level 3 regulations. Some of the industry had begun operating again during May under more stringent Level 4 conditions. According to the National … [Read more...] about Motor Vehicle Sales Start Recovering Some Momentum
Lockdown New Vehicle Sales Wiped Out
New vehicle sales down 98.4% in lockdown April new vehicle sales were effectively dormant as South Africa endured its first full-month of lockdown. With dealerships closed, businesses forced to work remotely and endure their own commercial challenges, and consumers stuck at home, traffic was at all-time low, never mind sales. While little real insight can be drawn from April new vehicle sales, the market recorded a volume total of 574 units, down 98.4% according to the National Association … [Read more...] about Lockdown New Vehicle Sales Wiped Out
Why are we NOT surprised?
March vehicle sales expectedly low One of the first tangible signs of the impact COVID-19 has had on the South African economy hit hard when March’s new vehicle sales were announced by the National Association of Automobile Manufacturers of South Africa (Naamsa). With the country impacted by social distancing measures and remote working from the middle of the month, and lockdown from 27 March, the month’s sales were only partially impacted in terms of selling days. The real impact will be … [Read more...] about Why are we NOT surprised?
Leap month leap
More selling days than usual during February thanks to the leap year may have contributed to the improved performance of the market While South Africa’s Budget Speech may only have an impact on new vehicle sales during March, the market seemingly reacted positively to it during February. In January, WesBank had forecast the market to decline 3.5% this year, and the second month of the year will have already corrected January’s performance. After January’s 8.1% decline in new vehicle sales … [Read more...] about Leap month leap
Salary increases, be careful not to over extend yourself
For many, a new year brings with it an extra amount of disposable income as salaries are increased, bonuses are paid and for some, new employment opportunities are reached. These benefits can be a blessing for already stretched household incomes, but it’s important to not extend debt even further with tempting propositions of new finance arrangements. Now that February is upon us and households are settling into their financial rhythm for the new year, WesBank has some valuable debt avoidance … [Read more...] about Salary increases, be careful not to over extend yourself
Unexpected anomalies to new vehicle sales
WesBank will have one month-worth of sales under its actuarial belt when it delivers its motor industry sales forecast on Thursday. The question on industry’s and consumers’ minds will be whether January sales are indicative of 2020 market performance or whether the volatility experienced in 2019 will continue. But January’s sales threw an analytical curve-ball due to the lack of BMW numbers while the manufacturer changes its reporting system, according to the National Association of … [Read more...] about Unexpected anomalies to new vehicle sales
Ups and Downs
The motor industry sales rollercoaster continued in November. From enjoying the best sales month of the year in October, November sales dropped again with Light Commercial Vehicles (LCVs) being the hardest hit. According to the National Association of Automobile Manufacturers of South Africa (Naamsa), new vehicle sales slowed 5.8% to 44,738 units compared to November 2018. “This isn’t out of the ordinary when looking at annual trends,” says Lebogang Gaoaketse, Communications, Social Media and … [Read more...] about Ups and Downs
Best sales month of 2019
While the South African economy fails to meet its Gross Domestic Product forecast this year, new vehicle sales look equally unlikely to reach the softer levels of slowdown expected by WesBank in January. But while the country reeled to the sober mid-term budget speech this week, new vehicle sales managed to build on September’s stability and provide some level of optimism to the motor industry. The new vehicle market remained positively flat during October, 0.2% up year-on-year to 51,978 … [Read more...] about Best sales month of 2019
