Industry fightback continues

In March 2021 the industry showed a fightback. According to Naamsa the industry recorded the sale of 44 217 new vehicle sales. This, compared to March 2020, represented a 31.8% increase in sales year-on-year. “Reassuringly, March sales showed an 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 of WesBank Vehicle and Asset Finance. “With many of the brands indicating difficulty securing sufficient stock to meet demand, the new vehicle market seems to be well on its way to recovery.” “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%. “Light commercial vehicles (LCVs) delivered a staggering 52.4% improvement over March last year to sell 14 375 units.” This indicates that dealers are selling 61.1% more bakkies than in 2020. Wesbank does not predict large vehicle price increases in 2021. This will obviously support the recovery process within the industry. Source: Wesbank