Motor vehicle sales reach record high in October, beating 32-year-old record

Thursday 3rd November 2016

Sales of motor vehicles hit a record high in October, smashing a record set in July 1984, when Robert Muldoon lost a snap election.

Some 14,709 vehicles were registered last month, compared to the previous record of 13,983. Registrations rose 16 percent compared to October last year when 12,684 vehicles were sold.

There were 10,795 passenger and SUV registrations and 3,914 commercial vehicle registrations in October 2016.

Toyota remained the market leader with 22 percent market share, with Holden second on 13 percent and Ford third with 11 percent. The Toyota Corolla was the top selling passenger model, followed by the Toyota Yaris and the Holden Commodore. The Ford Ranger was the top-selling commercial model.

"New vehicle sales are a barometer of businesses and consumer's confidence in the economy," John Manley, president of the Motor Industry Association, said. "The record sales for the month of October indicates there is a strong level of confidence in the performance of the New Zealand economy."

Sales have been supported by record inward migration and an economy growing at 3.6 percent on an annual basis.

BusinessDesk.co.nz

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