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MAA revising downwards TIV forecast to 608,000

Posted July 19, 2011 by in Blog | 5 comments

Tuesday July 19, 2011

By EUGENE MAHALINGAM
eugenicz@thestar.com.my

PETALING JAYA: Sales of automobiles in Malaysia are expected to reach a new record this year despite the disruption in supply following the earthquake in Japan in March and delays to vehicle registrations due to the amendments made to the Hire Purchase Act 1967 (HPA), said the Malaysian Automotive Association (MAA).

Despite revising downwards its total industry volume (TIV) forecast to 608,000 units from 618,000 units initially for 2011, the projection, if achieved, will still be higher than the record high of 605,156 units achieved last year.

“The quantum of decline in monthly total industry production is reducing. This can be attributed to the remedial measures undertaken by Japanese car manufacturers to overcome the disruption in supply chain,” said MAA president Datuk Aishah Ahmad at a briefing yesterday.

She also said efforts were being made by the Domestic Trade, Cooperative and Consumerism Ministry and the relevant stakeholders to discuss and resolve the “teething operational problems” following the enforcement of the amended HPA on June 15.

For the first six months of 2011, total vehicle sales slipped 1.3% to 297,203 units from 301,115 units in the previous corresponding period.

Passenger car sales during the six-month period fell 2.3% to 265,654 units from 271,903 units a year earlier but sales of commercial vehicles rose 8% to 31,549 units from 29,212 units in the same period a year earlier.

“The plants of commercial vehicles are located towards the south of Japan and these were not affected by the earthquake. Also, demand for commercial vehicles is still there,” said Aishah.

Despite trailing last year’s TIV in the first six months of 2011, Aishah said vehicle sales could still catch up and surpass last year’s total vehicle sales record, which was in itself a new high for Malaysia since hitting 552,316 units in 2005.

“Positive consumer sentiments are expected to continue owing to greater stability in the employment market and the introduction of new models may help to sustain buying interest,” she said, adding that production supply issues of local players should be fully resolved by August.

According to the MAA, vehicle sales in June 2011 were down 23% to 41,790 units from 54,005 units a year earlier.

The association said sales volume for July is expected to improve.

“The supply situation has improved with full recovery expected over the next one to two months,” it said in a statement, adding that the hiccups caused by the implementation of amendments to the HPA would be resolved.

MAA to meet ministry to iron out issues on car sales

Posted June 23, 2011 by in Blog | Comments Off

Thursday, June 23, 2011 9:37 AM

PETALING JAYA: The recent amendments to the Hire-Purchase Act 1967 (HPA) has definitely affected car sales, said Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad.

“It is still too early to tell about the actual impact. We are collecting data from our members,” said Aishah in a phone interview yesterday.

MAA members include car marque franchise holders and auto assemblers in the country.

Aishah noted that presently, there were “teething” problems in the car retail trade.

“Based on feedback from some MAA members, there are anomalies in the car buying process. For example, some banks seem to be more stringent compared with others concerning the documentation process,” she said, adding that MAA had requested for a meeting with the Domestic Trade, Cooperatives and Consumerism Ministry to “iron out” issues.

However, contrary to claims by some car retailers, Aishah said it was not true that the Government did not consult the automotive sector’s stakeholders before implementing the amended Act.

“The Government has done its work, and received inputs from the automotive industry in the past six months. Issues have been discussed at length. Roadshows were organised in the country this year,” she said.

However, one financial institution’s hire-purchase manager contacted by StarBiz yesterday said “it was business as usual”.

The manager said steps were taken earlier to mitigate the effect on car dealers familiar to the financial institution, such as authorising them to collect vehicle booking fees and downpayments on its behalf.

“So far, our average period for hire-purchase loan approvals, ranging from one to three days from the point of submission of completed documentation, has remained unchanged,” said the manager.

To recap, stakeholders in the automotive sector contacted by StarBiz on Monday had complained of a slowdown in car sales since the amended Act took effect on June 15.

Car marque franchise holders and dealers said they were worried about the possibility of trickling cashflow, a rise in booking cancellations and longer leadtime for completion of sales resulting from the amended Act.

Perusahaan Otomobil Kedua Sdn Bhd managing director Datuk Aminar Rashid Salleh had pointed out that the company might not be able to efficiently register vehicles on time for buyers, especially during the month-end rush, due to a longer process that required detailed paperwork between the banks, Perodua and customers.

Under the amended Act, all used vehicles for sale will undergo Puspakom’s 18-point inspection to ensure their roadworthiness.

The amendments, among others, also entail the need for banks to obtain a court order before repossessing a vehicle and repossessors must be registered with the Domestic Trade, Cooperatives and Consumerism Ministry.

Another issue of contention was the 1% maximum booking fee (based on the total selling price) mandated by the amended Act, which requires car sellers to refund customers 90% of the booking fee if the deal falls through.

Unlike the past, presently car sellers or dealers cannot accept booking fees before the car buyer is served with a Second Schedule notice.

It is understood that the Second Schedule notice can only be completed and served, in practice, on the car buyer usually after the hire-purchase loan application is approved.

The remaining 9% downpayment on the car can only be paid when the hire-purchase agreement has been prepared, with details such as the car’s chassis number included.

This means the hire-purchase agreement can only be prepared after the actual car unit has been allocated to the dealership.

Also, only banks or bank-authorised car dealers are allowed to collect car booking fees and downpayments.

E-transfer of names to used-car firms from November

Posted June 20, 2011 by in Blog | Comments Off

Monday June 20, 2011
Immediate transfer of names to used-car firms from November

By QISHIN TARIQ and LIZ LEE
newsdesk@thestar.com.my

GENTING HIGHLANDS: Starting November, cars sold to second-hand dealers must be temporarily transferred to the dealers’ name in a move to protect the interest of all parties involved in the transaction.

The move called e-Transfer has received support from the second-hand car dealers association and the Federation of Malaysian Consumer Associations (Fomca).

“Dealers and sellers can choose to cancel the transaction immediately if they discover a problem with the car,” said Road Transport Department (JPJ) director-general Datuk Solah Mat Hassan after opening the 33rd annual general meeting of the Federation of Motor and Credit Companies of Malaysia.

Solah added that information about the temporary ownership would not be recorded in the vehicle’s registration card.

The public, he said, could also check information regarding sales and purchase of a car online under the e-Transfer system.

The online information system, developed by eAuto Sdn Bhd and fully supported by the department, would enable the public to check on the car they planned to buy, especially details of the original owner and other important details.

Through the system, one can also trace records of the original owner, his or her financial status and also the status of the vehicle.

“If anyone decides to trade in their car to a used-car dealer, the company can check the report of that particular vehicle through the e-Transfer system before making any temporary transfer of ownership,” he said.

Solah said this would solve the problem of summonses and car loan issues when a person decided trade in his or her car to a dealer.

“JPJ will give car dealers six months to find new buyers. If they fail to sell the cars by then, the car ownership needs to be transferred permanently to the used-car company,” he said.

Kuala Lumpur and Selangor Car Dealer and Credit Company Association (KLSCDCCA) president Khoo Kah Jin said the move was long overdue.

Fomca secretary-general Mohd Sha’ani Abdullah said buyers would feel more confident about purchasing second-hand vehicles with this new move in place.

“If the dealer is made the temporary owner of the car, there is less likelihood the vehicle will be misused while waiting to be sold.

“In turn, the car seller and buyer need not worry about being punished for offences that they did not commit,” he said.

-the star

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