The new vehicle market continued to outperform other economic indicators during 2010 to post its second highest annual sales figure and record more than one million units for only the third time in history.
Official VFACTS data released by the Federal Chamber of Automotive Industries (FCAI) shows that 1,035,574 passenger cars, SUVs and commercial vehicles were sold in the calendar year 2010 (up 10.5 per cent or 98,246 vehicles compared to 2009).
"This is an exceptional outcome and is the second highest result on record and only the third time ever that the market exceeded more than one million sales," FCAI Chief Executive Andrew McKellar said.
"The result is very encouraging given all the challenges of the year - the prospect of higher interest rates, political uncertainty and the withdrawal of market stimulus," he said.
"Consumers clearly recognised the safety and environmental benefits of upgrading to a new vehicle and in such a competitive market they were rewarded with good vehicles at good prices," Mr McKellar said.
"We expect 2011 will be a year of consolidation with the prospect of further improvement on the growth achieved last year," he said.
"With continuing strong levels of vehicle affordability there is no reason why the new vehicle market won't continue to perform better than other areas of the economy," Mr McKellar said.
Toyota was the best performing brand in 2010 for the eighth year in a row with a market share of 20.7%, ahead of Holden with 12.8% and Ford with 9.2%.
The most popular vehicle model, for the fifteenth year in a row, was the Holden Commodore; ahead of the Toyota Corolla then the Toyota Hilux.
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