"The new car market for 2011 was expected to show an improvement of between 16% and 18%, in volume terms, on the 2010 figures," Naamsa said in its quarterly review of business conditions submitted to the department of trade and industry.
In the third quarter 106 048 new cars were sold. This was an improvement of 13 331 units compared to the 92 717 new cars sold during the corresponding quarter of 2010. "All sectors registered strong growth compared to the corresponding quarter of 2010 as well as fairly good gains relative to the second quarter of 2011," Naamsa said. Some 45 404 new industry commercial vehicles were sold during the third quarter of this year. This was an improvement of 8659 units compared to the same period last year.
The improved sales were partly a result of numerous new vehicle models, the improved finances of consumers given the relatively low interest rates, and improved vehicle affordability. Naamsa expected domestic sales to continue to grow over the medium term, but at a more subdued rate in line with the performance of the South African economy. Vehicle exports would depend on the state of the global economy.
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