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Vehicle repossession scourge raises its ugly head
In December 2008, South Africa’s auto and banking industries sold 32 765 vehicles with the one hand, while repossessing about 7 000 vehicles with the other.
In relation to December’s figures, this number means roughly two in ten vehicles sold each month find their way back into the already saturated market, as consumers struggle to meet the payment strain.
The good news is that “repossessions are stabilising, and are expected to start declining during 2009”, says McCarthy Motor Holdings chairperson Brand Pretorius.
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