CMH Ford Umhlanga. (CMH/Supplied)
Combined Motor Holdings, which sells vehicles under 28 different brands and also owns First Car Rental, reported on Tuesday that a dip in SA’s vehicle sales and higher interest rates derailed its two-year streak of record results.
Headline earnings fell 12% to about R405 million in the year to end-February, with the group reporting that new vehicle sales fell 1.9% and used vehicle sales 3.8%.
Consumers were under pressure generally, and national new passenger and light commercial vehicle sales decreased 1.2% during the financial year, with passenger sales dropping 5.7% but being offset partly by a pickup in light commercial sales.
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