DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/ca07cc/united_arab_emirat) has announced the addition of the "United Arab Emirates Autos Report Q1 2012" report to their offering.
Business Monitor International's United Arab Emirates Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on United Arab Emirates's automotive industry.
BMI expects new car sales in the UAE to rebound significantly in 2011, despite the industry having been impacted by central bank moves earlier this year aimed at restricting the amount of car financing customers can use to buy new vehicles. BMI's view that credit restrictions will create opportunities for vehicle financing units in the Middle East is playing out, as dealers in the UAE launch finance programmes in response to new credit regulations.
The new rules state that banks cannot lend more than 80% of the vehicle's value. Coupled with that is a restriction on the amount of credit an individual can access in relation to their monthly income. Anecdotal evidence shows that vehicle sales in the UAE fell by between 20% and 40% year-on-year (y-o-y) as soon as the new rules came into effect, as many consumers predictably brought purchases forwards to March and April when 100% financing was still available.
However, some carmakers and dealers have since taken a pro-active approach to boosting sales with their own financing packages. There is clearly a response to the new banking regulations in some of the schemes, which cut down the monthly instalments. Under the new regulations, loan repayments should not account for more than 50% of a person's monthly income.
Toyota Motor remains the dominant player within the UAE new car sales market, with the National Sales & Marketing Manager for local dealership Al-Futtaim Motors, Andrew Squires, stating that the company has a market share of close to 41% in 2011 year-to-date.
Read more inside United Arab Emirates Autos Report Q1 2012
Companies Mentioned:
- General Motors Company (GM)
- Nissan Motor
- Al Rostamani Trading Company (ARTC)
For more information visit http://www.researchandmarkets.com/research/ca07cc/united_arab_emirat