Vehicle sales drive sector towards a record year
New-vehicle sales rose 4.5 per cent last month to hit a new high for September, defying expectations for a slowdown during the election.
In all 14,507 new vehicles were registered, up from the 13,884 registered in the same month last year and the highest level recorded for a September month, according to the Motor Industry Association.
Passenger car and SUV registrations rose 1.6 per cent to 9855, while those for commercial vehicles jumped 11 per cent to 4652, with both segments reaching their highestever level for a September month.
Motor vehicle registrations in the first nine months of this year are 10 per cent ahead of the same period last year at 118,256, suggesting vehicle sales may be headed for a fourth straight annual record as the economy is buoyed by low interest rates and record migration.
“The traditional slowdown in new vehicle registrations during an election period failed to materialise in September,” said MIA chief execu- tive David Crawford. “As the 2017 year progresses, economic conditions of the last 18 months remain largely unchanged with low interest rates, strong net immigration, strong New Zealand currency and stable domestic economy.
“The combination of these factors underpins record sales of new vehicles.”
The MIA said Japanese carmaker Toyota remained the market leader in September with a 24 per cent market share, followed by Ford on 11 per cent and Holden at 10 per cent.
The traditional slowdown in new vehicle registrations during an election period failed to materialise in September. David Crawford MIA chief executive