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.

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
ADvTECH blames emigration for tepid growth in South Africa

ADvTECH blames emigration for tepid growth in South Africa

The Money Show’s Bruce Whitfield interviews Roy Douglas, CEO at ADvTECH.

Woolworths loses R1.1 billion as its Australian business continues to tank

Woolworths loses R1.1 billion as its Australian business continues to tank

The company is compelling CEO Ian Moir to move to Australia to fix things. Bruce Whitfield interviews him.

'We know SA is losing patience and wants VBS Mutual Bank looters behind bars'

'We know SA is losing patience and wants VBS Mutual Bank looters behind bars'

The Money Show’s Bruce Whitfield interviews Anoosh Rooplal, the liquidator at VBS Mutual Bank.

FNB illegally takes consumer’s silence as an agreement

FNB illegally takes consumer’s silence as an agreement

Have a credit card with FNB? You may want to check this out, warns consumer journalist Wendy Knowler.

Unsure where you stand on NHI? Experts slug it out in an emotional debate…

Unsure where you stand on NHI? Experts slug it out in an emotional debate…

The Money Show's Bruce Whitfield hosts a debate on NHI between Paul Theron (Vestact) and Russell Rensburg (Wits).

My daughter (10) and son (5) must start working early - Riky Rick

My daughter (10) and son (5) must start working early - Riky Rick

Bruce Whitfield interviews rapper Riky Rick about his attitude toward money (hopes and fears, successes and failures, etc.).

Popular articles
Fitness was a career that chose me - 'Queen Fitnass'

Fitness was a career that chose me - 'Queen Fitnass'

Mapule Ndhlovu opens up about her life journey and how exercise changed not only her body, but her mindset for the better.

[WATCH] Tshwane bystander 'poses' for the camera, has social media laughing

[WATCH] Tshwane bystander 'poses' for the camera, has social media laughing

Khabazela shares tweets and Facebook posts that have gone viral.