is spreading to more parts of the economy, with Australia’s largest car dealership group Eagers Automotive warning that June-half profits would be 15 per cent down on last year.
warned on Tuesday that it expected sales volumes to fall by 5 per cent over the next 12 months in Australia as households cut back. Chief executive Aaron Erter said: “It’s very challenging right now in the Australian market.”Eagers CEO Mr Thornton said extra supply of vehicles from overseas manufacturers had led to more competitive conditions in the automotive retail market as car dealers tried to entice buyers with better deals.
There have been unusual dynamics in the new vehicle sector, with many buyers last year waiting more than six months for vehicles to be shipped to them after ordering. Backlogs were caused by pandemic-related supply disruptions at overseas manufacturers but deliveries are catching up fast.
Source: Car News Wire (carnewswire.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rich lister’s mansion downsize takes shape on Brighton foreshoreIt’s dominating the skyline near the Middle Brighton Pier, but the new build by philanthropist and Brighton fixture Patricia Ilhan is no longer a traditional family home.
Source: theage - 🏆 8. / 77 Read more »
Rich lister’s mansion downsize takes shape on Brighton foreshoreIt’s dominating the skyline near the Middle Brighton Pier, but the new build by philanthropist and Brighton fixture Patricia Ilhan is no longer a traditional family home.
Source: brisbanetimes - 🏆 13. / 67 Read more »
For this Rich Lister, does the reality live up to the hype?Property mogul and entrepreneur Shaun Bonett has a fortune of nearly $3 billion, according to the Rich List. Those valuations might not live up to the hype.
Source: FinancialReview - 🏆 2. / 90 Read more »
KGN ASX: ASX queries Kogan executive options sale ahead of share plungeThe online retailer, in response to questions from the market operator, said it did not think a poor sales update that sent its stock tumbling was material.
Source: FinancialReview - 🏆 2. / 90 Read more »
ASX 200 LIVE: ASX to rise, S&P 500 extends its rally, Platinum’s FUM sinksASX futures add 0.2 per cent. Dow rises for five straight days. ANZ sticks to November rate cut call. Flight Centre, Jumbo Interactive confirm guidance. Follow updates here.
Source: FinancialReview - 🏆 2. / 90 Read more »
ASX 200 LIVE: ASX to slip; CBA trading update pending, Citi downgrades PerpetualASX futures fall. Wall Street flat. CBA’s profit slips 5pc, consumer debts creep higher. Baby Bunting cuts guidance, warns on retail. Orica lifts profits. Follow here.
Source: FinancialReview - 🏆 2. / 90 Read more »