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New car sales figures waning

5 Sep 2011

The momentum in new car sales seems to be waning as sales increased by 8% to 36 197 units last month according to figures released by the National Association of Automobile Manufacturers of South Africa.

Business Report says the latest increase in new car sales represented the lowest year-on-year improvement in the past 19 months.

Nico Vermeulen, executive director of NAAMSA says that there was strong demand for new vehicles from car rental companies, which accounted for about 20% of sales, but this appeared to be waning.

Economists polled in the Business Report article indicated that analysts viewed the sustained rise in sales as positive for the automotive sector.

Read the full story in Business Report.
View the August sales figures from NAAMSA.