VPI Q2 2020 Results
The global automotive industry experienced its most challenging quarter due to worldwide lockdowns and temporary closures. South Africa saw record lows in confidence, sales and economic activity. As the industry strives to rapidly adjust to a ‘new normal’ and decreased consumer demand, it’ll be vital to make the most of all available opportunities.
“The focus for the industry now needs to shift to resilience, recovery, and creating a strategy to deal with new consumer behaviour. By using learnings from the previous global recession in 2007-2009, when it took 24 months for the car market to recover, the industry can create robustness and understanding of the ‘new’ market more quickly, accelerating its recovery.”
– Kriben Reddy, Vice President: Head Consumer and Auto Information Solutions
Q2 2020 Vehicle Asset Finance Results
While consumer purchasing power appeared to be growing throughout 2019, there’s been a shift to financing new and used vehicles under R200K over the past quarter. We expect this trend to persist during 2020 as market sentiment continues to decline and vehicle prices rise.
VPI Q2 2020: Insights
Unpack the most important facts, findings and insights held in this quarter’s infographic. Download our latest version here.