New car sales in Australia have finally begun to show signs of slowing with only a 0.1 percent increase in the number of new vehicles sold during the same month last year and quite a significant drop when compared to the percentage increase in new vehicle sales last month.
0.1 percent translates into 112 more vehicles being sold this month compared with October 2009. Most of the reduction in sales has been felt in the passenger car and light commercial market. On the other hand the SUV market has continued to grow.
Toyota was the top selling brand once more with Holden filling second place and Ford continuing to hold down third place.
The drop in sales of light commercials – down 13.3 percent this month – might be an indicator of the health and confidence of the small business sector and it will be worth watching to see whether the slide continues in next month’s figures.