No Solid Signs Of Optimism Yet

Vehicle sales in Israel were down by 21.8% year-on-year (y-o-y) for the 10 months to October 2009, despite a better-than-expected performance in the last month. Data from the Israel Motor Vehicles Importers Association show that car sales fell 20% to 115,310 units, while SUV sales fell 22% to 11,116 units. Total vehicle sales reached 138,475 units. In the month of October alone, total sales rose 46% y-o-y, largely led by demand from leasing companies. Industry representatives claim that the results exceeded expectations, particularly during the Jewish holiday period and with a shortage of some of the most popular models. However, BMI would caution that the sales are being compared to October 2008, which was just one month into the global economic crisis and, therefore, a weak month for comparison.

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