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Archives

FY19 closes on positive note on retail front

18/05/2019 | Author: Autoguide | 0 Comments Back To Home   < Previous News   |   Next news >

FY19 closed on a positive note : FADA report

The Federation of Automobile Dealers Associations (FADA) on April 10 released its monthly vehicle registration data for the month of March. 
 
Commenting on the performance, FADA President, Mr Ashish Harsharaj Kale, said, “I am happy to share that at the retail front, the Indian auto sector has managed to close FY19 on a positive note. All the segments echoed positivity in March when compared to February sales, with two-wheelers leading the charge with a healthy growth of 10 per cent which indicated slight improvement in consumer sentiment and liquidity availability.”
 
For the month of March, on a Year-on-Year basis, there was de-growth in all the categories as March 2018 was one of the biggest months for retails last fiscal. The Industry showed positive signs on a monthly basis as compared to February. 
 
Inventory reduction by way of production cut is a painful decision for all stakeholders, especially OEMs, he said, and added, “I am thankful to our Principals for understanding the pain and pressure that auto dealers were going through with historically high inventory and that too in such a tight liquidity situation.”
 
FADA applauded the “bold steps” taken by majority of OEMs for regulating production to current demand and helping dealers in reducing inventory.
 
The inventory reduction in March, with further reduction expected in April, will help get the dealers to normal inventory levels of 30 days and will form a good base, said Mr Kale.
 
For the month of March, liquidity, both for the consumer and the dealer, remained very tight and operating cost of auto dealerships was at its peak, owing to higher inventory and selling costs.
 
FADA said the dealer community has faced one of the toughest times in dealer liquidity and adequate working capital availability in the past six months and in few cases, even threatening the survival of their business. The federation said it will engage with newly elected policy-makers post-elections and advocate a separate working capital policy for auto retail.
 
Commenting on the near-term outlook, the FADA President said, “We believe that the worst for auto industry is now behind us and expect plateauing of the declining demand and expect sales to stabilise in their current normal range for the next four to six weeks till India’s biggest democratic festival, The Elections, conclude and we head towards the onset of the monsoon.”
 
 

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