Overall confidence among dealers in South Africa is up in the first quarter of the year, according to the latest survey by finance company WesBank.

Confidence levels scored 6.4 out of 10, compared with 6.1 in the previous quarter. Higher levels of sales have led to the increase with a rise of 8.8% in January to 46,000 units compared to January last year. 

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The increase was described as unexpected by WesBank and driven by the launch of new models at what the company describes as “extremely affordable prices” with new car prices growing significantly slower than those of used vehicles.

The survey also revealed the highest ever confidence levels for future vehicle sales activity, with confidence levels in future sales activity of 7.1 for the next three months and 7.4 for the following six months.

WesBank predicts that sales growth in 2012 will remain in single digits.

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