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May new vehicle sales remain strong

May new vehicle sales remain strong

Strong new vehicle sales in May ensured that the growth path experienced over the last three years continued. 5871 new cars and 1867 new commercial vehicles found buyers in May, each well ahead of May 2003. For the five months year to date new car sales are 11% ahead of the same period last year, while new commercial vehicle sales are 11.3% ahead.

“The industry continues to experience strong demand for its products in a highly competitive environment,” said Perry Kerr, CEO of the Motor Industry Association. “Although there are signs that conditions are starting to tighten a little, new vehicle buyers continue to show confidence.”

Despite the strong start to the year however, there are signs that a slowing economy will have an effect on the new vehicle market for the remainder of 2004. “Growth in the car market May on May fell to 5.6%, compared with 16.3% in April and 22.5% in March,” said Mr. Kerr. “Whilst new vehicle buyers are getting the best value products in history, the industry is not immune from economic forces. Given the start we’ve had though, 2004 should still be a very good year overall.”

Although Ford took passenger car leadership in May, Toyota is continuing to edge ahead in total vehicle sales.

Falcon beat Commodore to the top selling car spot in May by just six units, but Commodore is almost 300 ahead year to date.

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