May new car sales continue to track the trend of slow market recovery

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As the country adapts to adjusted level 2 lockdown regulations, the impacts of the pandemic remain high on the motor industry’s agenda

A year ago, retailers were resuming sales under alert level 4, and the market mustered 12,874 sales during May 2020. One year later and the picture remains subdued, albeit with more stability as the market recovery continues to gain some momentum.

“The market continues its slow recovery in the face of a number of challenges and opportunities,” says Lebogang Gaoaketse, head of marketing and communication at WesBank. “Compared to a year ago, new vehicle finance agreements through our book are averaging a deal size of R356,313, up 11,2%, while pre-owned deals average R253,537, an increase of 10,6%.”“WesBank’s rate of applications remains robust, indicating an appetite for new and used vehicle purchases,” says Gaoaketse.

Supporting this demand, the passenger car segment sold 24,122 units during May, 85,1% of which were retailed through dealers to consumers. Dealer channel sales remain relatively robust and are 41,7% ahead year-to-date, for which retailers will be grateful. This segment was 7,1% ahead of April sales.

 

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