Latest news with #LeeNaik
eNCA
6 days ago
- Automotive
- eNCA
Auto sector grows as consumer needs change
JOHANNESBURG - The South African automotive market is making a major comeback with new passenger vehicle sales hitting their highest levels in nearly a decade. The latest TransUnion South Africa Mobility Insights Report for the first quarter shows the key trends in the industry that are reshaping how people purchase vehicles. According to Lee Naik, CEO of TransUnion Africa, the crucial thing to understand is that the automotive sector works in circles and it is fascinating to see how Chinese companies meet consumer demands.
TimesLIVE
6 days ago
- Automotive
- TimesLIVE
These are the factors that fuelled SA auto industry's strong Q1 rebound
The recovery of the SA automotive sector is driven by improved consumer sentiment, lower interest rates and access to retirement savings through two-pot withdrawals, according to the latest TransUnion SA Mobility Insights Report for Q1 2025. Rising real wages have also contributed to an upward trajectory averaging about 34,000 monthly passenger vehicle sales in the first quarter of the year, and representing the highest levels seen since Q3 2015. Affordability, longer ownership cycles and the growing availability of low-cost models remains the driver of purchase decisions, particularly younger and first-time buyers. 'SA consumers are returning to the vehicle market with a clear focus on value and flexibility,' said Lee Naik, CEO of TransUnion Africa. 'We're seeing a continued shift away from traditional premium segments in favour of more accessible alternatives that meet evolving needs and budgets.' Social media Gen Z's rising influence, responsible for a 27.9% year-on-year increase in vehicle finance volumes, highlights social media's importance to automotive brands aiming to attract younger buyers, who are said to spend more than three-and-a-half hours daily on platforms including TikTok, Instagram and YouTube.
