Motus reports economic downturn impacting vehicle sales

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Motus, a vehicle sales group, has cited the ongoing economic downturn as a key factor influencing consumer behaviour in the acquisition of high-value assets, particularly vehicles.

This trend, they say, reflects a more cautious approach among consumers when contemplating vehicle replacements.

While Motus has reported a one percent increase in operating profit, the figures for headline earnings per share have experienced a notable decline of 27 percent in 2022.

Osmen Arbee, CEO of Motus, emphasised that the automotive industry is grappling with various challenges, including elevated vehicle and parts inflation and the depreciation of the South African rand against major currencies.

Economic downturn dampens consumer interest in high-value assets: