The Federal Chamber of Automotive Industries reports that Australians bought 98,375 new vehicles in October 2024. The monthly results are the second best October on record and brings the year-to-date sales total to 1,025,621.
While the numbers are down on the previous year, the market remains a large opportunity for AutoSettle, which is developing a platform to enable secure and instantaneous transactions for new car dealerships and brands that sell through agency models.
The recent announcement of key industry figures to AutoSettle’s advisory board highlights the appetite to solve some of the issues that make the process of buying and selling a new car inefficient and insecure.
Each new car settlement involves a number of parties, not just the buyer and the seller. Many new cars are bought with finance and there are other products like insurance that are part of the transaction. AutoSettle allows for the customer journey to be streamlined, but also provides benefits for key players by reducing the risk of fraud.
October’s Numbers in more detail…
Toyota was the market leader with sales of 18,471 in October, followed by Ford (8,581), Mazda (7,656), Hyundai (7,086) and Kia (6,602). The Toyota RAV4 was Australia’s top selling vehicle with sales of 4,841 followed by Ford Ranger (4,757), Toyota HiLux (4,523), Ford Everest (2,668) and Isuzu Ute D-Max (2,295).
The October 2024 figures show a decrease in new vehicle sales of 8,434 (-7.9%) compared to October 2023 (106,809). The Passenger Vehicle Market is down by 2,089 vehicle sales (-11.9%) over the same month last year; the Sports Utility Market is down by 3,107 vehicle sales (-5.2%); the Light Commercial Market is down by 3,510 vehicle sales (-13.7%) and the Heavy Commercial
It’s Not Just Cars either…
According to the latest numbers from the Federal Chamber of Automotive Industries, 65,399 Motorcycles and Off Highway Vehicles (OHVs) were sold from January to September 2024. While this is a 4.9% drop on the previous year, it still represents over 65 thousand opportunities for bikers to take advantage of AutoSettle’s vehicle transaction platform.
The FCAI reports that Off Road Motorcycles, as the largest segment, representing 40.6 per cent of sales with 26,521 units sold. Road Motorcycles were just behind making 38.4% with 25,127 units sold YTD.
OHVs, which include all terrain vehicles (ATVs) sold 10,272 units, which is 15.7% of this category, but ‘cost of living’ conditions have seen this segment drop 8.1% year on year.
Sales of scooters are also down. 3,479 units were sold representing 5.3% of the total market segment.
Yamaha is the number one selling brand, followed by Honda, Kawasaki and KTM.