New vehicle market faces economic realities

Media Release
3 September 2008

New vehicle market faces economic realities

For two months in succession, new vehicle sales have experienced significant drops on the corresponding months last year. 5684 new cars were registered in August, a 16.4% reduction on the same month in 2007, while new commercial vehicle sales, at 1680, were 22.8% down.

The Motor Industry Association says that no sector is immune from the economic pessimism that has prevailed during 2008. “New vehicle sales defied economic trends for the first half of the year,” said Perry Kerr, CEO of the Motor Industry Association, “but eventually there had to be an adjustment. The good news is that the indicators are suggesting that the bottom has been reached and that confidence will increase in the coming months. Our members are now predicting that the full year’s new vehicle market will fall slightly short of 2007’s level, but that the industry can move into 2008 with considerable confidence.”

Toyota continues to prevail as the market’s most popular brand, with Toyota Corolla establishing a year to date lead over Holden Commodore as the country’s top-selling model.

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