Weekly Dealer Car Enquiries – Sunday July 12

In this series, which we hope to bring to you on a regular basis, we’ll be detailing some of the key numbers and trends that we’re seeing in terms of dealer connections made through our site.

As this data is considered somewhat representative of broader industry activity, and serves as one of the more insightful leading indicators for potential car sales, we hope it will fulfil a few purposes for our broad audience. First, to document not just how we’re performing as business, but how dealers and the wider market stand to perform, so you don’t have to wait til that next set of official sales data.

Without further ado, here’s what happened over the last week.

Total new car enquiries

In the week ending Sunday, July 12, PriceMyCar recorded 869 dealer connections.

This is the first week in close to a month where the number of dealer introductions have stabilised.

In a widely expected move, the RBA kept interest rates on hold last week, with the official cash rate sitting at 0.25%. While this is likely to be the case for some time yet, lending activity remains the key barometer for the market.

Car loan activity only began to pick up recently, however, lenders may opt for a more cautious outlook in light of renewed lockdown measures in Melbourne. Already we have seen the banks announce an extension of deferrals for mortgage repayments, which could heighten their overall risk exposure and lead them to adopt greater conservatism elsewhere.

One mitigating factor amid the return of Phase 3 restrictions in Melbourne is that the government has signalled further income support ahead, which could help prop up consumer sentiment and discretionary purchasing.

New car interest by brand

It was mixed results last week for the leading car brands, with an even spread of those who we saw increased interest for, and those where quote requests subsided.

Nissan, BMW, Subaru, Ford and Kia were among the biggest movers in a positive sense. On the other hand, Toyota and Volkswagen recorded another week where fewer prospective new car buyers came to the table.

Elsewhere, interest in Isuzu vehicles nearly doubled relative the week prior, albeit from a low base. Considering the EOFY has passed, prospective buyers might consist of business owners still eyeing a new vehicle purchase following the government’s extension to the instant asset write-off policy.

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