New vehicle sales down almost 10% year-on-year in April

New vehicle sales fell to 40 390 in April from 47 631 in March.

This is down 9.2% compared to April 2015.

Combined sale for the first four months of 2016 are down 9.7% compared to 2015.

The Money Show’s Bruce Whitfield interviewed Chris de Kock, Chief Executive Officer of Wesbank.

Scroll down for quotes from the audio below.

It was last this tough in 2007/2008.

Chris de Kock, Chief Executive Officer of Wesbank

There has been a sharp shift to the used-car market.

Chris de Kock, Chief Executive Officer of Wesbank

We’re happy financing both new and used cars.

Chris de Kock, Chief Executive Officer of Wesbank

Uber is not yet having an impact on car sales.

Chris de Kock, Chief Executive Officer of Wesbank

Car sharing is becoming a popular alternative in developed countries.

Chris de Kock, Chief Executive Officer of Wesbank

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Article brought to us by Old Mutual.

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