Auto Insights Newsletter | April 2024
Steady leading the race
As we reflect on the first quarter of 2024, data gleaned from sales financed through Signio points to stagnant vehicle prices across both new and used vehicle categories. However, all data points to bodyshape preferences among buyers shaking up the market with SUVs leading the preferences of buyers. When shifting our gaze to what’s happening in the broader market, the Entry segment continues to hold the fort in market share. However, a comparative look at a decade of data tells an interesting story. While market share has increased by one percentile since 2014, a number of brands that competed in the Passenger market 10 years ago has decreased from 19 brands offering 31 vehicle types in 2014 to just six brands and 14 vehicle types in 2023.
SUV bodyshape grows in popularity
While new vehicle sales dipped by 12.2% at the close of Q1 this year, according to naamsa, the SUV was the best-selling Light Vehicle bodyshape in that same period with 36 400 units sold across Dealer and Rental channels. Similarly, Hybrid and Electric Passenger vehicles saw an 82% sales jump compared to the same period last year.
Is the entry segment really growing?
A decade ago, the average South African looking to buy an entry-level car would have had way more brand choice and better prices compared to what’s available in today’s marketplace. This begs the question: What brands, body shapes, vehicle types and price brackets are leading this segment in 2024?
Q1 Vehicle prices steady in 2024
There are no drastic changes on the cards for vehicle prices in the market, it would seem, based on the average prices for both new and used vehicles financed through Signio in the first quarter of this year.
Our customer satisfaction levels beat global averages
The results of our bi-annual client satisfaction survey affirm the value of Lightstone’s data insights, the quality of our data reports and overall professionalism. With a Net Promoter Score of 63.62, our client satisfaction levels sit above the global benchmark of 43.
Register before 30 June 2024 to win big rewards
Lightstone’s Star Reacher F&I Awards programme is back and promises great prizes for top performers throughout the year. Whether you’ve participated in the past or you’re new to the programme, this is an incentive programme you don’t want to miss out on.
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