“New car sales continued on a downward trend declining by 6.9% year on year. This was slightly offset by the car rental industry making a strong 24.6% contribution. Current pressure on the new passenger vehicles will continue in the short to medium term”.
General Comments on January 2016 NAAMSA sales:
- The month of January 2016 showed a decline in sales of 1.1% compared to December 2015.
- Month on month passenger vehicles increased by 5.8%, January 2016 compared to December 2015.
- Year on Year monthly comparison shows a decline in overall sales of 6.9% in January 2016 compared to January 2015.
- Passenger vehicles declined by 6.1% year on year, January 2016 compared to January 2015.
- Year on year monthly comparison shows a decline in exports of 21.9% in January 2016 compared to January 2015.
General Comments on January 2016 Standard Bank VAF passenger vehicles:
- There is a continued shift to more used vehicles financed through Standard Bank compared to the same period year on year.
- Used vehicles grew year on year by 28.1%, January 2016 compared to January 2015 while new vehicles grew by 1.0% during the same period.
- The average contract term increased from 68.1 months in January 2015 to 69.7 months in January 2016 (2.4% year on year growth).
- The average deal size decreased from R315 058 in January 2015 to R294 925 in January 2016, 6.4% year on year decline.
Comments on NAAMSA New Vehicle Sales Report – January 2016
Nicholas Nkosi – Head of Standard Bank Vehicle and Asset Finance, Retail Banking