Used cars and cheap new ones are flying. Everything else is just not selling

New vehicle sales in South Africa fell in the year to 30 June 2019, said Osman Arbee, CEO of Motus (owner of the Europcar rental chain).

…consumers continue to delay purchases, trade down with the shift to cheaper vehicles and place pressure on the supply of pre-owned vehicles…

Osman Arbee, CEO - Motus

Motus on Wednesday reported a rise in total revenue of 3.5% (to R79.7 billion).

After-tax profits are down 18% (to R1.9 billion).

Normalised headline earnings per share climbed by 11% with full-year dividend up 10% (to 490c per ordinary share).

The Money Show’s Bruce Whitfield interviewed Arbee.

They [brands selling entry-level cars] are still moving units. The premium brands… Mercedes has dropped by 40%. BMW is going through pain. Audi is going through pain…

Osman Arbee, CEO - Motus

We’re fortunate we’re playing in the entry-level market…

Osman Arbee, CEO - Motus

We sold 11% more used cars to June 2019 than we did to June 2018…

Osman Arbee, CEO - Motus

For more detail, listen to the interview in the audio below.

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