Twelve months ago, the country was reeling with the news of the pending lockdown as showrooms prepared to close their doors, consumers headed home, and vehicles were only let out for essential services. In March 2020, the new vehicle market plummeted 29.7% compared to March 2019 to record just 33,545 sales. The grip on the SA motor industry had tightened quickly.
“Reassuringly, March sales show a 18.4% increase over February this year, a number more indicative of the real strength of the market,” says Lebogang Gaoaketse, head of marketing and communication at WesBank Vehicle and Asset Finance. Passenger car sales were up 23.4% to 27,330 units year on year and 13.2% up on February 2021. With some renewed activity in the rental market, the consumer demand was noticeable with dealer sales in the segment up 24.2%.
“With interest rates remaining stable at their low levels, a constantly — albeit slowly — improving supply of imported vehicles, and a slightly healthier economy operating within eased levels of restrictions, we expect the market to continue recovering well,” says Gaoaketse.