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Cox Automotive Analysis: Fleet sales are still stuck in first gear, estimated to have increased by only 5% year over year but remain down by more than 40% from 2019.
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Guaranteed cash-back money that any buyer qualifies for and is often the fodder of headline advertising has all but dried up.
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A Cox Automotive forecast predicts the recent sales frenzy will slow as inventory constraints are pulling the market back down to earth.
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A Kelly Blue Book report shows growing interest in electric and green vehicles, especially SUVs.
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Figures remain down 16% from year-ago level.
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Sales to fleet buyers were off notably last quarter – down 28% percent from Q1 2020 – but robust retail sales more than covered fleet’s shortfall and provided reason to believe new-vehicle sales have recovered from the pandemic meltdown.
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Strong Toyota hybrid sales and new EVs entries are driving the growth.
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Find out how the microchip shortage is affecting vehicle sales, how OEMs are prioritizing production, and why there's a demand for used vehicles.
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Overall domestic vehicle sales in South Africa were at 38,752 in October 2020, reflecting a decline of 13,216 units (or 25.4%) from the 51,968 vehicles sold in October last year.
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The COVID-19 pandemic is still plaguing the light vehicle market, but May’s sales pace is still expected to be a giant step forward on the path to recovery.
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