Auto Sector

Sales of Australian vehicles increase

Australian Bureau of Statistics

The Australian Bureau of Statistics said that from the previous month, the Sales of new motor vehicles in Australia increased by 5.4% in the month of May, the highest increase registered since early 2005.

In the month of May 75, 472 vehicles were sold on a seasonally adjusted basis, higher from an upwardly revised 71,626 in April. April sales were revised to show a 1.7% raise from 0.9% initially.

In May, sales increased by 0.1%, in trend terms, since January 2008 it is the first increase.

Void left by GE exit filled with Marac's deal with Automobile Association

Marac Finance

The void left by the egress of GE Money from the retail vehicle loans business has been filled by Marac Finance as it announced a deal with New Zealand Automobile Association Inc (AA) to provide vehicle finance.

It was confirmed by GE Money last year that it will no longer write new vehicle loans. It should be noted though that GE Capital continued to offer vehicle leasing in New Zealand through Custom Fleet.