Mar 28, 2022 Robert Kaiser NADA
The event was also streamed live via YouTube, which made it possible for members from all over the country to tune into the event. This dual format of presentation worked very well and will in all probability be the way forward for future NADA events as well.
Dealers were able to hear presentations by Mr Nick Borain, Senior Political Analyst to the financial markets, Mr Ghana Msibi. CEO of WesBank Motor and Deputy CEO of WesBank and Dr Graeme Codrington, Futurist & Strategy Consultant.
In his message titled “The Political Odyssey”, Nick Borain shared an evaluation of the supply chain disruption caused by the Covid-19 lockdown and the Russian invasion of Ukraine, which sent shock waves through the world. A remarkable occurrence was the imposition of voluntary sanctions against Russia by the international business community. The South African business sector demonstrated resilience in the midst of adversity but Nick cautioned that recovery from the disruptions caused by the pandemic and the war in Ukraine could take up to five years. In the South African context, positives were a prudent approach by the SA Reserve Bank to contain inflationary trends, and it was noted that the SA inflation rate at present was lower than that in any of its peer countries with SA bonds being popular in the international markets. He expects real improvement in business sentiment to manifest by 2024 and expressed a bullish view on the way ahead for SA business.
Graeme Codrington spoke on the subject “Rewired and Inspired “and confirmed the severe supply chain disruption that had been and still is being experienced , such as the severe shortage of semiconductor chips that is hampering vehicle production and negatively affecting the markets . He alluded to the fact that climate change was set to play an ever increasing role globally with negative effects that are already being experienced in Africa. He alluded to the fact that the 4th Industrial Revolution would introduce major changes in the world economy and spoke about the concept of multipolarity which is changing the world political landscape. South Africa is caught in the wave if change and a key to survival for any business is adaptability. He stressed that the ability to step back and reflect on what is happening and how to deal with new challenges is key to adaptability, survival and growth.
The keynote address was delivered by Ghana Msibi who spoke on “2022: Opportunities and Risks “and with extraordinary insight and frankness, shared some aspects of strategic thinking at WesBank and how the Bank viewed current developments and disruptors in the vehicle market. It was notable that the affordability factor for consumers has been underpinning a “buying down” trend in the market and that total cost of ownership was another factor which influenced buying decisions. The entrance of so-called fintech disruptors in the vehicle industry had to be contended with by industry stakeholders. He alluded to the necessity of dealers needing to focus on providing transport solutions to customers in a holistic manner as opposed to merely selling vehicles and accessories. The concept of vehicle rental solutions was a growing reality, in part caused by the generational shift in consumers who view mobility in a different light .The traditional view of ownership is changing in such a manner that ownership is not necessarily a priority. These and other factors were challenges that had to be dealt with by the industry but it also provided opportunities for business to adapt and thrive. Ghana asserted that the changes in customer needs and priorities offered exciting opportunities for the vehicle retail sector to remain relevant and grow their business.
The NADA Conference demonstrated in no uncertain manner that the Association continued to play a key role in representing and furthering the interests of the vehicle retail sector and that the industry continues to receive support from major role players and stakeholders.
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