Businesses taking advantage of government tax incentives to purchase light commercials and SUVs helped the Australian November new vehicle market rise by almost 20% year on year.
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Official VFACTS data released by the Federal Chamber of Automotive Industries (FCAI) shows that 85,833 passenger cars, SUVs and commercial vehicles were sold in November 2009 – an increase of 19.9% (14,216 vehicles) compared to the same month last year.
“This is an extraordinary result that provides further evidence that the market and the broader Australian economy are showing signs of recovery,” FCAI chief executive Andrew McKellar said.
“The exceptional November figures could not have been achieved without the federal government’s small business tax break,” he said.
“Business sales increased an incredible 35.4% during the month; spurred on by the substantial incentives available until the end of the year,” McKellar said.
Recent interest rate rises were sounding a note of caution as the industry looked towards 2010, he added.
“There is the risk that if the banks move too early and too rapidly to increase rates the positive impact of this stimulus measure will be diminished,” he said.
The SUV segment led the market in November with an increase of 44%, followed by light commercials with a rise of 38.9% and then passenger cars with a 9.4% increase.
Year to date, 848,620 new vehicles have been sold, down 9.3% year on year.
Toyota remained in the top sales position in November with 19,603 vehicle sales, ahead of Holden with 11,391 and Ford with 8,868.
