“Whilst the 9.5% year on year decline in new vehicle sales is relatively better compared to the double digit declines of recent months, this is masked by the contribution from the car rental industry.
The passenger car market will continue to remain under pressure in the short to medium term”.
General Comments on October 2016 NAAMSA sales:
- Month on month improvement in overall sales of 2.9%, October compared to September 2016.
- Passenger vehicles also improved month on month by 2.5%
- Year on Year monthly comparison shows a decline in overall sales of 10.1%
- Passenger vehicles declined by 9.5% year on year
- Year on year monthly comparison shows a growth of 10.8% in exports
General Comments on October 2016 Standard Bank passenger vehicles:
- The average contract term remained flat year on year.
- The average deal size increased by 2.0% year on year even though we are still seeing a shift towards the pre-owned/used vehicles. This trend is not likely to change in the short to medium term.
Comments on NAAMSA New Vehicle Sales Report – October 2016
Nicholas Nkosi – Head of Standard Bank Vehicle and Asset Finance, Retail Banking