7 percent declines in retail vehicle sales in February

Mumbai: Sources in the automobile industry say that the impact of recession in the country’s stock market is also being seen on the sale of vehicles. Since October last year, the retail demand for vehicles has weakened due to the steady decline in the country’s stock markets. Since investors’ income is declining through the stock market, unnecessary expenses and purchases are being cut. However, demand is expected to increase during festive season like Holi, Dhuleti and Gudi Padwa.

The decline in demand led to a seven percent decline in auto retail sales in the country in February. According to data from the Federation of Automobile Dealers Association (FADA), the total retail sales of all types of vehicles in February last year were 20,46,328 units, which was 18,99,196 units in February this year. Thus a reduction of 7 percent has been recorded.

FADA President C. said that the sales of all types of vehicles have declined last month. S. Vigneshwar said in a statement. Talking about Gujarat, the sales in the state also declined by 8.44 percent to 1,26,329 units.

He said that in February, goods were deposited in their depots without the approval of dealers. This can be a professional purpose, but wholesale shipments should actually be done on demand basis to reduce stress on dealers and make it easier for them to manage inventory.

Sales of north vehicles fell 10 percent to 3,03,398 units from year to year. The inventory level of Uttarau vehicles remained within the limit of 50 to 52 days.

According to Fada data, two -wheelers’ sales fell by 6.33 percent to 13,53,280 units in February last year from 14,44,674 units. Limited availability of loans, low inquiry for vehicle procurement and weak consumers’ Bhavna have been due to a decline in vehicle sales.

Sales in urban areas have had more impact than rural markets. Sales have declined by 5.50 percent in rural markets, while urban areas have fallen by 7.38 percent.

Retail sales of commercial vehicles declined by 9 percent to 82,763 units. Retail sales of commercial vehicles have been sluggish due to low demand from the transport sector. Tractor sales declined by 14.50 percent to 65,574 units.

Fada said the dealer is optimistic about retail sales in March. Consumer perception has weakened due to the ongoing recession in the country’s stock markets, and those who want to buy new vehicles are currently adopting a policy of look and look.

Sales of vehicles are expected to increase during the festivals of the upcoming Holi, Dhuleti, Gudi Padwa and Chaitri Navratri.

Vehicle sales in Gujarat