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February car sales slump by 8.2 percent

Official car sales figures for February released this week saw the new vehicle market slump by 8.2 percent – the worst February result for the car industry since the global financial crisis of 11 years ago. Holden’s announcement mid-month didn’t help with just 1367 Holden’s sold however huge discounts have spurred big sales for the departing company this month. The dismal February sales figures marked a 23 consecutive monthly decline for the car industry. Federal Chamber of Automotive Industry Chief Executive Tony Weber said growing concerns regarding a global pandemic were now amongst the litany of adverse factors that had dented consumer confidence on top of the environmental factors such as drought, floods and bushfires. Toyota was the only car company to defy the odds last month, most brands suffered a double –digit loss – the Toyota Hilux and RAV 4 SUV, the two top sellers in February, the Japanese brand also having the Corolla, Land Cruiser and Camry in the top ten best seller list.

I’m David Berthon.

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