Contraction and Campaign Period in the Automotive Sector
While the market in the automotive sector contracted above expectations in the last quarter of the year, brands are expected to focus on campaigns to clear vehicles in stock.
Can Mete Paker, General Manager of BMW, MINI, and BMW Motorrad, stated that the automotive sector contracted above expectations in the final quarter of the year, announcing that brands will organize intensive campaigns to bring existing vehicles to consumers.
Last Quarter Expectations and Market Contraction
While it is known that the last quarter of the year in the automotive sector is traditionally strong, expectations for a slowdown in the contraction of the market did not materialize.
Financial Squeeze and Year-End Sales Forecast
While fund-source liquidity tightness in financial markets delayed the recovery process, it is projected that the sector could complete the year between 1,150,000 and 1,200,000 units.
Production Plans and Campaign Strategies
As the contraction continued in the third quarter, many brands fixed their production plans and turned to campaigns in order to bring the vehicles in their stocks to consumers.
Access to Credit and Consumer Preferences
While it was emphasized that access to credit is quite restricted, it was noted that price, financing conditions, and trade-in options continue to be decisive in consumers' purchasing decisions.
Electrification Process and Hybrid Vehicles
While it was stated that special loan opportunities offered for domestic automobiles create an advantage, it was expressed that the electrification process has gained momentum and the market share of hybrid cars reached 33 percent in the first nine months of the year.