- Vehicle registrations in the country increased by 4% in August from July.
- Sharpest recovery was in passenger vehicles with sales dipping only 7% over August last year (13.4% increase over July’20).
- Tractor sales were higher than a year earlier for the third straight month.
Source: Federation of Automobile Dealers’ Associations – compiled from government’s VAHAN platform
Be prepared for a much anticipated V-shaped recovery from the so-called ‘pent-up’ demand in automobile sales. The additional kicker will come from the desire of individuals to avoid public transport wherever possible. Manufacturers will also do their bit to outbid their competitors with better offers.
Your role as a retail banker is to capitalise on the emerging market opportunity. Do not forget to check with every customer you interact, on their ‘vehicle’ plans for this festive season.
Keep us posted on how this opportunity unfolds 🙂