Confidence levels among traders in the new passenger vehicle market have increased, according to the WesBank Vehicle Sales Confidence Indicator released on Wednesday. "Confidence levels amongst traders in the new passenger vehicle market finally appear to have shifted out of reverse gear and, if not quite into first yet, at least into neutral," Wesbank said in a statement. It added that after six consecutive quarters of decline, the Indicator seemed 
to have turned a corner by recording a score of 4.3 out of 10 — up marginally from the lowest level of 4.2 reported in May 2009. "The increase in confidence levels is also supported by the improvement in new passenger vehicle sales for July, as was reported by the National Association of Automobile Manufacturers of SA," Wesbank said. The Indicator also illustrated that the "very active" and "active" sentiment had remained similar to the previous quarter. According to Wesbank, the research indicated that decreasing interest rates, more stable fuel prices, better consumer confidence levels and a general better cost of living outlook were all factors that had aided a shift in the underlying momentum of Indicator. "However, respondents still believe that bank approvals, new vehicle pricing and the current economic climate are the main drivers negatively affecting current activity levels on their showroom floors," Wesbank said. Encouragingly, while the outlook for the rest of 2009 would remain challenging, there was evidence that suggested a more positive outlook was indeed beginning to emerge, it added. Another indication of the improved underlying momentum in the market was the number of new applications received.
to have turned a corner by recording a score of 4.3 out of 10 — up marginally from the lowest level of 4.2 reported in May 2009. "The increase in confidence levels is also supported by the improvement in new passenger vehicle sales for July, as was reported by the National Association of Automobile Manufacturers of SA," Wesbank said. The Indicator also illustrated that the "very active" and "active" sentiment had remained similar to the previous quarter. According to Wesbank, the research indicated that decreasing interest rates, more stable fuel prices, better consumer confidence levels and a general better cost of living outlook were all factors that had aided a shift in the underlying momentum of Indicator. "However, respondents still believe that bank approvals, new vehicle pricing and the current economic climate are the main drivers negatively affecting current activity levels on their showroom floors," Wesbank said. Encouragingly, while the outlook for the rest of 2009 would remain challenging, there was evidence that suggested a more positive outlook was indeed beginning to emerge, it added. Another indication of the improved underlying momentum in the market was the number of new applications received.For further details visit as : http://business.iafrica.com/iacnews/1848060.htm
