The good news is that the new-vehicle market is growing, but the bad news is that it is happening so slowly that real growth is as far away as ever.
For the year to date, the gap is even wider. Aggregate sales for the first eight months of 2020, at 228,190, were 34.6% % behind the 349,150 at the corresponding stage in 2019. This was to be expected. The National Association of Automobile Manufacturers of SA reports that the car rental industry, worn down by paltry demand from local customers and the prospect of no foreign visitors for months to come, bought only eight vehicles in August. That was equivalent to 0.04% of the new-car market — a fraction of the sector’s 18% share in August 2019.
Naamsa CEO Mike Mabasa agreed, saying: “Activity is expected to remain low for the remainder of the year due to uncertainties relating to the economic impact of the coronavirus pandemic and as consumers and businesses continue to adapt to short-term budget pressures.”
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