Official figures released by VFACTS confirm that sales for October topped out at 82,456 – that’s 8262 units (9.1%) in arrears of the figure for October 2018. In year to date numbers, the market is 77,803 sales behind the same period in 2018.
At 893,920 for the year through to the end of October, 2019 still looks on track to pass a million sales, but with the market down eight per cent for the year. If that trend continues through November and December, a 1.1 million sales total for the year appears unlikely, although the current sales decline had commenced before the end of 2018.
“While the drought and other domestic conditions are impacting the market, our key concern is the effect over-regulation of the financial sector is having on new vehicle sales,” Tony Weber, chief executive of the FCAI, was quoted as saying in a press release.
“The FCAI and our members have been concerned about the risk-averse approach to lending in Australia for some time and see improved access to finance as a key to driving economic growth in 2020.”
Get the full VFACTS wrap up here >>