Simphiwe Nghona – Group Head of Standard Bank Vehicle and Asset Finance
“New passenger vehicle sales continue to show resilience with a 5.1% increase year on year, despite tough trading conditions. However, the current pressure on new car sales is expected to remain for the remainder of 2017.”
General Comments on August 2017 NAAMSA sales:
- Aggregate new vehicle sales increased month on month by 5.2%
- Passenger vehicles increased by 4.1% month on month
- Overall sales increased by 6.5% year on year
- Passenger vehicles increased by 5.1% year on year
- Year on year monthly comparison shows a decrease of 12.9% in exports
General Comments on August 2017 Standard Bank passenger vehicles:
- The average contract term increased year on year by one month.
- The average deal size decreased by 7.6% year on year. The recent trend towards the pre-owned/used vehicles continues and is not likely to change in the short to medium term.