VPI Q1 2020 Results
The global automotive industry has had its most challenging quarter, due to global lockdowns and temporary closures. In South Africa, this has come at a time when the country was already in a recession, which will make it more difficult to recover from the effects of low economic activity. The two-week extension of the 21-day lockdown could cause larger declines in the next quarter. Low consumer confidence is another major hurdle for the vehicle market as consumers forego major purchases.
“This is a tough time for car dealers, who must use this opportunity to make changes to remain competitive in a post-pandemic world. There’s a significant opportunity to look at new ways of generating income, and to bring more of a digital element to the car purchasing process to do business remotely and minimize physical contact with consumers.”
– Kriben Reddy, Head of Auto Information Solutions
Q1 2020 Vehicle Asset Finance Results
Consumers’ purchasing power and their ability to purchase more expensive vehicles has not increased. We expect this to remain consistent in the upcoming months as new vehicle prices increase.
VPI Q1 2020: Insights
Unpack the most important facts, findings and insights held in this quarter’s infographic. Download our latest version here.