Weekly Dealer Car Enquiries: Sunday November 1

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, November 1, there were 1,309 dealer connections made via PriceMyCar. Compared with the week prior, where there were 1,700 new car enquiries, the variance represented a drop of 391, or 23%.

This was the first week in some time where we have seen a sizeable reduction in new car buying interest. While it may prove to be an anomaly, with the economic outlook slowly improving and COVID cases now under control right across the country, there may have also been some other factors at play contributing to the magnitude of the decline. This includes the state election held in Queensland last week, and a diversion of interest following pent-up demand for other goods and services in re-opened Melbourne.

201101 - leads graph

New car interest by brand

Dealer connections were lower for the overwhelming majority of car brands last week, including heavy-hitters such as Kia, Ford, Honda, Hyundai and the buoyant Isuzu.

Surprisingly, interest in Toyota continues to remain at minimal levels, with just 12 enquiries last week, around 10% of the brand’s interest from months back. Given this trend has been persisting for some weeks now, it suggests to us that buying interest has shifted to other brands in lieu of Toyota, rather than disappearing from the market altogether.

On top of that, as the Japanese brand was having issues with stock levels some weeks back, an issue that has improved since late September, there may still be some overhanging concern there weighing on interest.

Prospective New Car Buyer Numbers

Oct 26 – Nov 1

Oct 19 – Oct 25

% Change in Enquiries

Ford

153

184

-16.8%

Kia

148

240

-38.3%

Mitsubishi

122

144

-15.3%

Honda

108

141

-23.4%

Mazda

102

111

-8.1%

Isuzu

98

172

-43.0%

 

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