“Passenger vehicles declined by 13.8% despite the rental industry contributing 22% of new car sales. Current decline levels likely to remain for the year and be the new norm, mainly influenced by current conditions”.
General Comments on August 2016 NAAMSA sales:
- Month on month improvement in overall sales of 2.8%, August compared to July 2016.
- Passenger vehicles also improved month on month by 4.6%
- Year on Year monthly comparison shows a decline in overall sales of 9.5%
- Passenger vehicles declined by 13.1% year on year
- Year on year monthly comparison shows an improvement in exports of 26.7%
General Comments on August 2016 Standard Bank passenger vehicles:
- The average contract term remained flat year on year.
- The average deal size remained flat 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 – August 2016
Nicholas Nkosi – Head of Standard Bank Vehicle and Asset Finance, Retail Banking