[LISTEN] Why new car sales are down on year-on-year basis
Tough economic conditions have led to a 20.6 percent year-on-year reduction in new car sales. WesBank's Simphiwe Nghona says they've recently declined between 50 and 60 percent of applications they’ve received.
JOHANNESBURG - WesBank Motor Division CEO Simphiwe Nghona says there has been a major reduction in demand for new cars.
Nghona say he foresees this deterioration to continue in 2017 because of consumer affordability amid tough economic conditions.
Listen to 702's Bruce Whitfield interviewing Nghona in the soundcloud above.