Brakes off new vehicle sales

NEW passenger vehicle sales for May, increasing 15 per cent from April and 54 per cent from last May, suggest that the consumer is finding his feet again.

A total of 376 new passenger cars were sold in May – 49 more than the previous month.
Analysing the latest figures, Old Mutual Namibia economist Robin Sherbourne said: ‘New passenger vehicle sales are showing signs of sustained growth’.
However, he added that ‘the usual provisos apply to any single month’s sales in a small market such as Namibia’s, as well as the fact that these numbers exclude consideration of the important second-hand vehicle market’.
New passenger car sales have remained above the 300 level since the beginning of the year, Simonis Storm Securities (SSS) data shows. March was the best month so far with 397 cars sold, followed by May, January (352), February (333) and April.
Total new vehicle sales for May increased by barely one per cent compared to April, with only seven cars more sold. A total of 813 vehicles were sold during the month. Y/y, total new vehicle sales increased by 29,3 per cent.
SSS figures show that, except for March, when a total of 984 new cars were sold, new sales have lingered around the 800-level since the beginning of the year.
According to SSS, the 12-month cumulative total vehicle sales for May 2010 at 10 409 units increased 1,8 per cent year-on-year (y/y) and 5,9 per cent month-on-month (m/m).
The 12-month cumulative total for passenger vehicle sales for May 2010 at 3 896 accelerated by 3,5 per cent m/m, while continuing the decline, although at a slower pace, at minus 5,8 per cent y/y compared to minus 11,4 per cent, minus 12,1 per cent, and minus 13,8 per cent in April, March and February, respectively.
The 12-month cumulative total for commercial vehicle sales for May 2010 at 6 513 units increased 14,3 per cent y/y, and 8,8 per cent m/m. Commercial vehicle sales for May 2010 increased 13,5 per cent y/y to 437 units. On a monthly basis, commercial vehicle sales continued the downward trend of the previous month, albeit at a slower pace of 8,8 per cent, SSS said.