New and used car retailers have performed well despite global supply shortages.
Bidvest CEO Mpumi Madisa believes vehicle supply shortages caused by semiconductor supply chain issues will continue into 2023, the Sunday TimesChip shortages and a lack of spare parts and other components have hampered the supply of new vehicles globally over the past two years. However, new and used car sales are on the rise.
All Weather Capital senior equity analyst Cobus Cilliers told the paper that the appetite for new vehicles is strong, but retailers risk losing customers by being unable to supply the demand.This was evident in Bidvest Automotive’s financial performance, where despite the difficulties, it reported a 25.6% increase in trading profits to R819 million for the year ended June 2022.
However, the improved performance isn’t just limited to new vehicles. Madisa said the second-hand car market is also buoyant.
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