Globally the new vehicle industry remains in positive territory…for now. But the local industry, battered and bruised by an ailing economy and a surge in used car buying, is facing some stiff challenges with new vehicles sales posting a decline of 4.5% compared to the same period last year.
Even while the month of September accurately reflected the worsening financial health of the economy, two positive factors did emerge from those figures; the month-on-month increase in passenger vehicles of 6.9%, and the year-on-year 14.3% improvement in exports. Not so in October.
October is traditionally a strong sales month for the motor industry. Coming a few months before the Xmas holidays, this is the time when consumers, keen to bag a good deal, take up the incentive packages on offer.