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In spite of the global pandemic creating a restricted supply chain into the Australian market, new vehicle sales continued to blossom in September 2021, up 33% on the previous corresponding period, and the residual values of used vehicles have also firmed as demand outstrips supply.
Listed vehicle leasing and fleet management company SG Fleet says strong used vehicle residuals in the Australian, New Zealand and UK markets have boosted it FY21 profits, notwithstanding its purchase of the LeasePlan business in Australia and New Zealand.
The Toyota Hilux remained Australia’s best-selling vehicle in September 2021 (4770 units) in spite of restricted supply from the Thailand manufacturing facility, followed by the Ford Ranger and Toyota Corolla achieving second and third place respectively.
Large ASX-listed dealership groups such as Eagers Automotive have reported healthy increases in profits, and dealership properties are also being targeted by passive investors.
Melbourne’s Preston Motor Group has put its investment property which houses Chadstone Hyundai, Ford and a Hungry Jacks onto the market, following huge inquiry from investors wanting to purchase it off market.
Research undertaken by YouGov and commissioned by Autotrader, reveals that 50% of Aussie drivers don’t consider themselves knowledgeable about cars. To help with this, Autotrader has introduced a vehicle history check and pricing advisor to its platform.
New market entrant CARS24.com.au says it will disrupt the traditional used vehicle marketplace as it will own all the vehicle stock advertised for sale on its website.
The start-up digital dealership says it established physical operations in Queensland, New South Wales, and Victoria with plans to operate in eastern and southern states by the end of 2021.
Volvo Cars Canberra have celebrated the opening its new Volvo Retail Experience in Phillip, and Werribee Nissan has celebrated its 25th year of operations in Victoria.
All this plus our usual round of industry news, views, and market statistics.
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