11,319 new vehicles were delivered in January 2009, 45% fewer than in January 2008, according to the Israel Motor Vehicles Importers Association, on the basis of licensing figures. This is the lowest number of deliveries in January in many years. At the current rate, vehicle deliveries will amount to 130,000 this year, the lowest figure since 2001.
The main reason for the slump in vehicle deliveries is the credit distress at leasing companies, which have slashed purchases for their car fleets. Industry sources say that a substantial proportion of car sales in January were with long-term credit of up to 36 months, which means that importers will see little in the way of proceeds in the short term.
The slump in vehicle deliveries also encompassed the private market. For example, only 888 off-road vehicles were delivered in January, 41% fewer than a year earlier. The off-road vehicles segment almost entirely comprises private customers.
Mazda was the top-selling brand in January, with 2,248 deliveries, 57% fewer than in January last year. Hyundai was in second place, with 1,490 deliveries, down 21%. Ford was in third place, with 809 deliveries, down 28%. Chevrolet was in fourth place, with 751 deliveries, down 45%. Nissan was in fifth place, with 592 deliveries, up 118%, one of the few brands to see an increase in sales.
Luxury brands Audi, Volvo, and BMW also saw increased sales, thanks to aggressive marketing of their 2009 models. Toyota had the greatest drop in sales compared with a year earlier - 78% to 560 cars in January.
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009