Consumer demand in the vehicle industry remains steady in March

The vehicle sales industry experienced virtually no growth this past March, according to the latest data from the National Association of Automobile Manufacturers of South Africa (Naamsa). Industry sales totalled 55 449 vehicles, 9 more vehicles than March 2014.

Passenger cars contributed 35 548 units to this total but were down 3% year-on-year. By contrast, Light Commercial Vehicles (LCV) sales for March totalled 16 808 units, up 5.5% year-on-year. But those industry numbers were countered by actual consumer demand, influencing dealer channel sales to grow 1.2% for passenger cars and 8.3% for LCV sales, year-on-year.

“While industry sales for passenger cars were down, dealer channel sales remained strong. It’s an indicator that consumer demand is holding steady, and buyers are still visiting dealerships,” said Simphiwe Nghona, executive head of motor division at WesBank. “The rental industry is down 58%, compared to March last year, and this is what has negated the growth seen elsewhere in the industry.”

WesBank’s data reflects this consumer demand, with a 20% growth in vehicle finance applications, compared to March 2014. New vehicle finance applications grew by 15%, and demand for used car finance grew by 22%.

OEM trade-in incentives have continued to attract buyers to the new market. This is reflected in the used-to-new ratio, which was 1.4:1 in February and shifted in favour of new vehicles, to 1.29:1, in March. This uptick in marketing incentives is attributed to the end-of-quarter sales drive.

“With enticing trade-in offers on the table consumers are also opting to bring forward their replacement cycles,” said Nghona.

Vehicle sales remain in line with WesBank’s view of the market, which should end the year up 0.87%.

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

Consumer demand in the vehicle industry remains steady in March

Consumer demand in the vehicle industry remains steady in March

The vehicle sales industry experienced virtually no growth this past March, according to the latest data from the National Association of Automobile Manufacturers of South Africa (Naamsa). Industry sales totalled 55 449 vehicles, 9 more vehicles than March 2014.

Passenger cars contributed 35 548 units to this total but were down 3% year-on-year. By contrast, Light Commercial Vehicles (LCV) sales for March totalled 16 808 units, up 5.5% year-on-year. But those industry numbers were countered by actual consumer demand, influencing dealer channel sales to grow 1.2% for passenger cars and 8.3% for LCV sales, year-on-year.

“While industry sales for passenger cars were down, dealer channel sales remained strong. It’s an indicator that consumer demand is holding steady, and buyers are still visiting dealerships,” said Simphiwe Nghona, executive head of motor division at WesBank. “The rental industry is down 58%, compared to March last year, and this is what has negated the growth seen elsewhere in the industry.”

WesBank’s data reflects this consumer demand, with a 20% growth in vehicle finance applications, compared to March 2014. New vehicle finance applications grew by 15%, and demand for used car finance grew by 22%.

OEM trade-in incentives have continued to attract buyers to the new market. This is reflected in the used-to-new ratio, which was 1.4:1 in February and shifted in favour of new vehicles, to 1.29:1, in March. This uptick in marketing incentives is attributed to the end-of-quarter sales drive.

“With enticing trade-in offers on the table consumers are also opting to bring forward their replacement cycles,” said Nghona.

Vehicle sales remain in line with WesBank’s view of the market, which should end the year up 0.87%.

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

Consumer demand in the vehicle industry remains steady in March

Consumer demand in the vehicle industry remains steady in March

The vehicle sales industry experienced virtually no growth this past March, according to the latest data from the National Association of Automobile Manufacturers of South Africa (Naamsa). Industry sales totalled 55 449 vehicles, 9 more vehicles than March 2014.

Passenger cars contributed 35 548 units to this total but were down 3% year-on-year. By contrast, Light Commercial Vehicles (LCV) sales for March totalled 16 808 units, up 5.5% year-on-year. But those industry numbers were countered by actual consumer demand, influencing dealer channel sales to grow 1.2% for passenger cars and 8.3% for LCV sales, year-on-year.

“While industry sales for passenger cars were down, dealer channel sales remained strong. It’s an indicator that consumer demand is holding steady, and buyers are still visiting dealerships,” said Simphiwe Nghona, executive head of motor division at WesBank. “The rental industry is down 58%, compared to March last year, and this is what has negated the growth seen elsewhere in the industry.”

WesBank’s data reflects this consumer demand, with a 20% growth in vehicle finance applications, compared to March 2014. New vehicle finance applications grew by 15%, and demand for used car finance grew by 22%.

OEM trade-in incentives have continued to attract buyers to the new market. This is reflected in the used-to-new ratio, which was 1.4:1 in February and shifted in favour of new vehicles, to 1.29:1, in March. This uptick in marketing incentives is attributed to the end-of-quarter sales drive.

“With enticing trade-in offers on the table consumers are also opting to bring forward their replacement cycles,” said Nghona.

Vehicle sales remain in line with WesBank’s view of the market, which should end the year up 0.87%.

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

Consumer demand in the vehicle industry remains steady in March

Consumer demand in the vehicle industry remains steady in March

The vehicle sales industry experienced virtually no growth this past March, according to the latest data from the National Association of Automobile Manufacturers of South Africa (Naamsa). Industry sales totalled 55 449 vehicles, 9 more vehicles than March 2014.

Passenger cars contributed 35 548 units to this total but were down 3% year-on-year. By contrast, Light Commercial Vehicles (LCV) sales for March totalled 16 808 units, up 5.5% year-on-year. But those industry numbers were countered by actual consumer demand, influencing dealer channel sales to grow 1.2% for passenger cars and 8.3% for LCV sales, year-on-year.

“While industry sales for passenger cars were down, dealer channel sales remained strong. It’s an indicator that consumer demand is holding steady, and buyers are still visiting dealerships,” said Simphiwe Nghona, executive head of motor division at WesBank. “The rental industry is down 58%, compared to March last year, and this is what has negated the growth seen elsewhere in the industry.”

WesBank’s data reflects this consumer demand, with a 20% growth in vehicle finance applications, compared to March 2014. New vehicle finance applications grew by 15%, and demand for used car finance grew by 22%.

OEM trade-in incentives have continued to attract buyers to the new market. This is reflected in the used-to-new ratio, which was 1.4:1 in February and shifted in favour of new vehicles, to 1.29:1, in March. This uptick in marketing incentives is attributed to the end-of-quarter sales drive.

“With enticing trade-in offers on the table consumers are also opting to bring forward their replacement cycles,” said Nghona.

Vehicle sales remain in line with WesBank’s view of the market, which should end the year up 0.87%.

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

Consumer demand in the vehicle industry remains steady in March

Consumer demand in the vehicle industry remains steady in March

The vehicle sales industry experienced virtually no growth this past March, according to the latest data from the National Association of Automobile Manufacturers of South Africa (Naamsa). Industry sales totalled 55 449 vehicles, 9 more vehicles than March 2014.

Passenger cars contributed 35 548 units to this total but were down 3% year-on-year. By contrast, Light Commercial Vehicles (LCV) sales for March totalled 16 808 units, up 5.5% year-on-year. But those industry numbers were countered by actual consumer demand, influencing dealer channel sales to grow 1.2% for passenger cars and 8.3% for LCV sales, year-on-year.

“While industry sales for passenger cars were down, dealer channel sales remained strong. It’s an indicator that consumer demand is holding steady, and buyers are still visiting dealerships,” said Simphiwe Nghona, executive head of motor division at WesBank. “The rental industry is down 58%, compared to March last year, and this is what has negated the growth seen elsewhere in the industry.”

WesBank’s data reflects this consumer demand, with a 20% growth in vehicle finance applications, compared to March 2014. New vehicle finance applications grew by 15%, and demand for used car finance grew by 22%.

OEM trade-in incentives have continued to attract buyers to the new market. This is reflected in the used-to-new ratio, which was 1.4:1 in February and shifted in favour of new vehicles, to 1.29:1, in March. This uptick in marketing incentives is attributed to the end-of-quarter sales drive.

“With enticing trade-in offers on the table consumers are also opting to bring forward their replacement cycles,” said Nghona.

Vehicle sales remain in line with WesBank’s view of the market, which should end the year up 0.87%.

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

Consumer demand in the vehicle industry remains steady in March

Targalicious Ferrari Sergio Delivered to 1st Consumer in Abu Dhabi

All Ferraris are particular, but some are particular-er than other individuals. Making its 1st public appearance at the Ferrari Planet Challenge in Abu Dhabi is a single such extraspecial cavallino: the 1st of 6 Ferrari Sergios to be built from the proverbial rib of the spearlike, windshield-significantly less Ferrari Sergio idea vehicle that was first shown in 2013 at the Geneva auto show.

Sharing its underpinnings with the 458 Spider, the Sergio was so named to honor the late Sergio Pininfarina, with whom Enzo Ferrari established one of the most productive style partnerships in automotive history. The addition of a full windshield renders the Sergio a targa, but the pointy nose, semifloating chin splitter, horizontal headlamp graphic, and jarring black physique-side swoosh have translated nicely into production type. Like other 458 models, the Sergio’s sculpted rear finish is dominated by twin round taillamps and a vaned diffuser, while diamond-turned wheels with gold-painted insets are stuffed into the wheel wells.

1 of the Sergio’s most exciting design and style elements is its portholed engine cover, which actually waterfalls into the 458-based cabin and wraps about the seats. The absence of rear glass makes it possible for the symphonic rouse of the 597-hp 4.5-liter V-8 from the 458 Speciale to flood the cabin as the Sergio rockets to 62 mph from a standstill in 3 seconds flat, according to Ferrari.

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Every of the Sergio sextet has already been sold and spec’d by its owner at Ferrari’s Tailor Created atelier in Maranello for an undisclosed value. This client, the SBH Royal Auto Gallery, chose a traditional red and black theme, with a black interior piped and stitched with red. As interesting a style as it is, we appear forward to seeing the subsequent 5 Sergios roll out of the factory, need to Ferrari make their deliveries as public as this 1.

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Targalicious Ferrari Sergio Delivered to 1st Consumer in Abu Dhabi

Oklahoma Regulators: 12-Year-Old Claim Payment Returned to Consumer

Oklahoma Insurance Commissioner John D. Doak announced that the Oklahoma Insurance Department (OID) not too long ago helped facilitate the reissuance of an insurance coverage check to a customer for an auto accident that occurred a lot more than 12 years ago.

The consumer, presently residing in Oklahoma, contacted the OID concerning issues in cashing an insurance coverage settlement verify for injuries incurred by a household member in a 2002 auto accident. The check was made payable to a number of entities, inhibiting the consumer’s capability to deposit the funds.

The OID contacted and worked with the insurance coverage company to reissue the check beneath the consumer’s name, ultimately enabling the check to be deposited.

Doak mentioned the incident was “one instance of how my Department is willing and prepared to help buyers sort by means of insurance coverage concerns and complications.”

Supply: Oklahoma Insurance Department

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Oklahoma Regulators: 12-Year-Old Claim Payment Returned to Consumer

Oklahoma Regulators: 12-Year-Old Claim Payment Returned to Consumer

Oklahoma Insurance coverage Commissioner John D. Doak announced that the Oklahoma Insurance coverage Division (OID) not too long ago helped facilitate the reissuance of an insurance coverage verify to a customer for an auto accident that occurred a lot more than 12 years ago.

The consumer, at present residing in Oklahoma, contacted the OID concerning issues in cashing an insurance coverage settlement verify for injuries incurred by a family members member in a 2002 auto accident. The check was produced payable to many entities, inhibiting the consumer’s capacity to deposit the funds.

The OID contacted and worked with the insurance company to reissue the verify under the consumer’s name, finally enabling the check to be deposited.

Doak stated the incident was “one example of how my Division is prepared and prepared to support buyers sort by way of insurance coverage problems and complications.”

Supply: Oklahoma Insurance Department

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Chicago-Primarily based Linden Group Joins Digital Benefit Advisors

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Coast Guard: 12 Injured in Iowa Water Taxi Accident

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Oklahoma Regulators: 12-Year-Old Claim Payment Returned to Consumer