Tightening Credit, Slows Down Car Sales in Early 2024

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Cindy Mutia Annur 21/02/2024 15:19 WIB

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According to Gaikindo, wholesale sales of automobiles in Indonesia from factories to dealers reached 69,619 units in January 2024. This figure represents a decline compared to the previous month and

Monthly Wholesale Sales Volume of Cars in Indonesia (January 2023-January 2024)

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Monthly Wholesale Sales Volume of Cars in Indonesia (January 2023-January 2024)

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According to the Indonesian Automotive Industry Association (Gaikindo), domestic wholesale sales of cars in January 2024 reached 69,619 units.

This figure represents an 18.4% decrease compared to the previous month (month-on-month/mom). In December 2023, domestic wholesale car sales reached 85,284 units.

Similarly, compared to January 2023, wholesale car sales at the beginning of this year plummeted by 26.1% (year-on-year/yoy).

Gaikindo Secretary General Kukuh Kumara stated that this decline was influenced by the tightening of motor vehicle credit from financing institutions or leasing companies.

"80% of people buy cars using credit. Once (credit) is tightened, people slow down their purchases of motor vehicles," said Kukuh, as reported by CNN Indonesia on Wednesday (21/2/2024).

Kukuh also mentioned that this credit tightening was triggered by an increase in non-performing loans (NPLs) in the banking sector.

"Once NPLs rise, (credit) is tightened further. The more (credit) is tightened, the fewer people buy cars. It's a chain reaction," he said.

Kukuh hopes that car sales will strengthen in the following months, especially during religious holidays.

"We are approaching Ramadan and Eid al-Fitr. It is hoped that (car sales) will increase with the Ramadan and Eid al-Fitr momentum," he said.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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