The vehicle industry could take a year or more to recover from the Covid-19 pandemic, and the lockdown will impact the way in which consumers and car dealers do business in the future. This is according to TransUnion Auto Information Solutions.
“The motor industry plays a critical role in getting people, products and services to market. It is therefore imperative that dealerships be among the first businesses to commence work when lockdown restrictions are eased,” he said. “This indicates that consumers are opting for older vehicles as pressure on disposable income increases.”
“Interrupted supply into the local market will cause lost sales, which inevitably will lead to lost jobs,” said Dommisse. Barloworld said the government-imposed lockdowns across the globe continue to negatively impact the environment in which its businesses operate, adding that the latest consensus macroeconomic forecasts indicate that most economies, including South Africa and the rest of Africa, are likely to enter recession in the first half of 2020, with a recovery only commencing in 2021.
The group said it has sufficient foreign exchange cover in place for Hyundai and Kia until December 31 at an average rate of R14.90 the US dollar and R16.40 to the Euro, while Mitsubishi has sufficient stock up to December 31.
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