Auto Insights Newsletter | February 2024
In the slow lane
But consumers are much bolder in their bodyshape preferences
While South Africa’s auto industry idles along, consumers have been much bolder in their preference of bodyshape, as we see in Crossover/SUV in top position. In Total new vehicle sales dip, we discover that total new vehicle sales were up by 0.5% in 2023 over 2022, but lagging sales recorded in 2019. Overall, the market is sluggish and Affordability key to consumer spending tells us it’s not just in the auto sector. In terms of product news, we are pleased to announce that Repair History is now available on LIVE and the Auto App and RiskMonitor has been added to Signio.
Crossover/SUV in top position
Consumer preferences for Light Vehicle bodyshapes have shifted over the last five years, with sales of the Crossover/SUV segment overtaking the perennial king of the local market, the Hatchback.
Total new vehicle sales dip
Overall sales for 2023 were 0.5% higher than for 2022, and 14.5% above sales for the same window in 2021. Perhaps more significantly, new vehicle sales in 2023 ended 0.9% behind the 2019 sales volume.
Affordability key to consumer spending
Affordability is a key factor driving consumer behaviour in South Africa, and it affects the auto industry as much as any other. Paul-Roux de Kock, Chief Analytics Officer at Lightstone shared insights at the recent Automechanika Johannesburg CEO event.
Introducing Repair History
Lightstone Auto's Repair History is now available on LIVE and the Lightstone Auto App. This feature provides users with complete vehicle insights, including repair dates, damage values, and impact areas as well as mileage at the time of repair.
Introducing RiskMonitor
Lightstone has just added RiskMonitor to Signio – a revolutionary product that brings instant risk assessment and due diligence together to make FICA compliance a seamless and automated process for your dealership.
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