MOTORING: Motor Vehicle Sales Continue Recovery in March
Recent Gauteng Business News
Vehicle sales statistics for March, released by NAAMSA on 1 April, show a continued improvement in demand for new vehicles with a total of 43 591 new vehicles registered during the month.
Key indicators for the month were:
Total market for new vehicles breaks through 40 000 unit barrier for the first time this year
Market up 20,1% on March 2009
Market up 10% on February
Market up 18,7% year to date
Chevrolet Aveo listed amongst top ten best sellers in passenger vehicle market
Corsa Utility continues to lead sales in sub 1-ton segment and is ranked as second best seller in total LCV market for the month
“March saw the momentum generated in vehicle sales during the first two months of the year carried forward for the motor industry to end the first quarter of 2010 on a positive note,” says Malcolm Gauld, GMSA’s Vice President of Sales and Marketing.
According to Gauld the positive outlook in the industry is reflected in the 20,1% increase in sales over March last year and the fact that year-on-year sales are up by 18,7% compared to the 18% shown through January and February. “We should caution that growth of this magnitude is unlikely to be sustainable through the coming months given that it was during the first four months of 2009 that the vehicle market contracted severely in the wake of the global economic crisis,” he added.
However, Gauld says a further drop in the interest rate of 0,5% last week will be good news for potential new car buyers . “With the prime rate now at its lowest level since 1981, and inflation seemingly under control, the pressure on disposable income will be relieved a bit more allowing private buyers to act on their dreams a little sooner than they might have expected. “
GMSA continued as the third most popular brand in South Africa supported by a very good month for the Chevrolet Aveo and the Corsa Utility. The Aveo featured in the top ten best sellers list amongst passenger vehicles with 466 sales for the month. The ever popular Corsa Utility continued its success in the light commercial market with sales of 1 283 units for the month giving it a share of 41% in the sub 1-ton segment.
Furthermore, Gauld added that the outlook for the motor industry remains positive through 2010 with a growth target of around 7% to 10 % remaining a reasonable expectation.
Business News Sector Tags: Motoring|