Statistics South Africa reveals that motor trade sales increased by 10 percent, year-on-year, in March.
Earlier today, South Africa was greeted by the news that General Motors would scale down its operations in South Africa, which will be a dent for the industry. However, the Stats SA figures revealed that the industry as a whole, in South Africa, remains in good health.
Fuel sales increased by 14 percent during this period, despite motorists being hit by soaring fuel prices in the country. The new prices and levies have not deterred potential buyers from purchasing new vehicles either, as new vehicle sales increased by 12 percent during the same period.
“Seasonally adjusted motor trade sales increased by 0,8 percent in March 2017 compared with February 2017. This followed month-on-month changes of 1,1 percent in February 2017 and 0,2 percent in January 2017,” read the findings made by Statistics South Africa.
The performance in the first quarter of 2017 was also better than the performance of the industry in the fourth quarter of 2016.
“In the first quarter of 2017, seasonally adjusted motor trade sales increased by 2,6 percent compared with the previous quarter. Motor trade sales increased by 6,1 percent in the first quarter of 2017 compared with the first quarter of 2016.
According to the Statistics body, fuel sales (9,7 percent and contributing 2,4 percentage points); used vehicle sales (7,4 percent and contributing 1,4 percentage points); and new vehicle sales (5,3 percent and contributing 1,4 percentage points) were the biggest contributors.