Car Market Recovery on Track

VEHICLE financier WesBank said yesterday its vehicle sales confidence indicator showed that the recovery in the automotive market continued moving on a “steady path”, with the strike and new carbon tax having little effect on confidence.

According to WesBank’s latest vehicle sales confidence indicator, the strike action in the motor industry and the introduction of the new carbon tax in September meant that overall confidence levels in current sales activity on dealer floors dropped marginally to 5.7 out of 10 in October from 5.9 in July.

In line with the general growth trend, WesBank said confidence in new vehicle sales among dealers remained relatively high.

Earlier this month, the National Association of Automobile Manufacturers of South Africa said new vehicle sales rose 22.2% in October year on year.

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