New vehicle sales in Australia plunged by 10.1 per cent in August as buyers struggled to obtain finance for cars, extending an industry-wide malaise which has gripped the sector for 17 consecutive months.
New figures out on Wednesday from the Federal Chamber of Automotive Industries (FCAI) showed the downturn was across every segment in August, with passenger vehicles down 17 per cent, SUVs falling by 5.4 per cent and light commercial vehicles sliding by 8.6 per cent.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
