Car Insurance

Toyota continues to lead the automobile sales race

Market segment Jul 2019 Jul 2019 % change
Passenger vehicles 40,015 36,506 -8.8%
Light commercial vehicles 14,979 15,090 0.7%
Medium commercial vehicles 855 841 -1.6%
Heavy commercial vehicles 426 420 -1.4%
Extra Heavy commercial vehicles 1,255 1,184 -5.6%
Bus 106 71 -33%
Vehicle exports 22,736 28,291 24.4%
Overall market (local) 57,636 54,112 -6.1%

Toyota Nigeria Motors (TSAM) increased its market share to 20.8% having a total of 11,235 new Toyota vehicles finding a new home during July; while its ever-green Toyota Hilux reclaimed its position as the country’s top-selling vehicle year up to now.

Says Calvyn Hamman, Senior Vice President for Marketing and advertising at TSAM: “July has been an incredibly successful month for Toyota; and particularly our Hilux model that has sold 20,498 units year-to-date and also achieved the incredible milestone of one-million sales in South Africa – that’s an unrivalled sales success story in this country!”

Introduced towards the south African market in 1969, the Hilux happens to be in the 7th generation with the all-new Hilux due in South African during February 2019. “Produced at our Prospecton plant, the Hilux is without a doubt one of TSAM’s key products and for it to reclaim its top-selling status in the united states is a superb achievement and testament to the vehicle’s undeniable quality and value,” says Hamman.

Other top performers in the Toyota stable includes the value-for-money Corolla Quest, selling near to 1,000 units during July; using the Fortuner and RAV continuing its dominance on their respective segments with 717 and 597 units respectively. Furthermore, Toyota’s entry-level offering, the Etios, continues using its successful sales well over 1,500 units per month. On the Truck front, Hino Nigeria achieved 371 units – a solid performance inside a segment that continuously shows decline.

While July showed an overall market loss of 6.1%, Hamman and Toyota remains tolerant of the market’s continued sales stability for the remainder of 2019. “With July seeing an increase in the interest rate, the continuing uncertainty round the fuel price and provision; the customer remains cautious of long-term debt. However, we believe the market will still comfortably attain the 630,000 units forecasted earlier this year,” says Hamman.

On the Finance front, Toyota Financial Services (TFS) launched an exciting ‘First’ for the finance arm of Toyota – the? outstanding Guaranteed Future Value (GFV) finance offer over the Fortuner and Corolla 1.6 Quest Model ranges. “The product entails a finance contract with a Guaranteed Future Value (GFV), allowing customers the liberty they are driving their favourite vehicle with no final balloon value risk, frequently related to traditional finance offers. TFS guarantees the final balloon payment, which in turn guarantees the minimum worth of the vehicle at the end of the agreement thus making certain the worth needed to repay the ultimate balloon payment reaches least achieved,” commented Marius Burger, CEO of TFS. “We experienced a really busy period during July with over 8,100 New Toyota finance applications being processed – an? increase of 12% month-on-month along with a very promising 24% increase over the 180 day rolling average.”

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