South Africa new vehicle sales rise 18.9% y/y in October 2011.

By bne IntelliNews November 7, 2011
South Africas total sales of new vehicles on the domestic market rose 18.9% y/y to 52,338 in October, the National Association of Automobile Manufacturers of South Africa (NAAMSA) said. Exports of new vehicles slipped 2.7% y/y to 25,860 last month. Despite the relatively high base a year ago, the year on year growth in new vehicle sales had again improved substantially registering encouraging gains in all major segments, NAAMSA said in a statement. Dealer sales accounted for 77.6% of the total domestic vehicle sales, the car rental industry made up 14.2%, sales to the government represented 5.2% and industry corporate fleet sales formed 3%. New car sales rose 19.8% y/y in October to 36,826, mainly due to robust demand by car rental companies, which accounted for 19.4% of total sales. Sales of industry new light commercial vehicles, bakkies and minibuses rose 15.6% y/y in October to 12,994 units. Sales of vehicles in the medium and heavy truck segments stood at 829 units and 1,689 units, respectively, up 31.6% and 19.9%, respectively. New vehicles sales over the past few months have beaten expectations and the new car market for 2011 is now expected to show an annual improvement of between 16% and 18%, in volume terms.
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