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WesBank sees minor new car sales growth

Economy
Cape Town – Wesbank, one of South Africa’s leading vehicle and asset finance providers, has said it forecasts that 2017 will see minor growth in the new vehicle sales industry.

The past three years saw sales decline, with 2016 sales falling a massive 11.4 percent, based on WesBank’s prediction that sales would tumble 12 percent.

For 2017, WesBank said it expected to see overall growth of 1.74 percent.

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Photo: Gene Puskar/AP

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WesBank chief executive Chris de Kock said the forecast was based on a holistic view of the new vehicle sales market, including factors like the rand's strength, interest rate stability, moderate gross domestic product growth, and inflation falling back within the target zone.

“We expect overall sales growth to be driven by government buying, as there are a number of large tenders set to be awarded in the coming months. This will account for 3.29 percent growth in light commercial vehicle sales,” De Kock said.

AFRICAN NEWS AGENCY

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