Dr Martyn Davies, automotive leader at Deloitte Africa, echoed the gloomy outlook. “We have another dampening effect on confidence, official data confirms times are tough, turbulence lays ahead and possibly worse than what was had in recent times.” He said the situation differed to the 2008 financial crisis.
Mike Mabasa, CEO of the National Association of Automobile Manufacturers of South Africa forecast that the declining trend of the past six years would continue. Mabasa believes that low price increases and incentives such as guaranteed buyback options are among tactics retailers should employ to stimulate sales, despite tough market conditions. The second-hand market, meanwhile, looks poised to see an increase in activity.
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