New-vehicle business market under pressure
South Africa’s new-vehicle business market has declined by 14.2% for the year to end August, compared with the same period last year, says Standard Bank Vehicle & Asset Finance business markets head Toni Fritz.
The used vehicle business market has dropped by 18.1% year to date.
Combined, the two markets declined by 15.2% year to date.
South Africa’s business vehicle market includes fleet and rental cars, light commercial vehicles, medium trucks, heavy trucks and buses.
The South African new and used business vehicle market sold 652 units a day in August 2013, compared with 669 units in August 2014, with the month having more selling days than last year.
Light commercial vehicle sales in August increased 1.7% month-on-month, while heavy commercial vehicles and extra-heavy vehicles also had positive growth month-on-month, at 6.7%.
“While the South African economy still struggles to gain ground, we have seen a turn in vehicle export numbers in August, up some 10.08% month-on-month,” adds Fritz.
Passenger vehicle exports improved month-on-month by 31.09%, while light commercial vehicle exports declined by 17.10%.
The average deal size in the business market has increased 22.2% year-on-year, with the average repayment term increasing year-on-year to 52 months, up from 50 months in August last year.
“We still expect a slight improvement in the last quarter of the year for business markets,” says Fritz.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation