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).
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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