Wesbank Vehicle and Asset Finance Archives Page 2 of 2

Momentum Continues To Build In New Vehicle Sales

vuyi on July 8, 2021

New vehicle sales continued to build their momentum during June, despite the continued impacts of the pandemic on the industry and the country’s economy. Lebogang Gaoaketse, Head of Marketing and Communication at WesBank shares details.

New vehicle sales continued to build their momentum during June, despite the continued impacts of the pandemic on the industry and the country’s economy. A year ago, the market was under Alert Level 4 lockdown regulations, a position the country once again enters with adjusted restrictions.

“While the majority of sales during June were not severely impacted by COVID-19 restrictions, we should expect a returned level of hesitancy during July,” says Lebogang Gaoaketse, Head of Marketing and Communication at WesBank. “Both business and consumer confidence are certainly building their own momentum despite the current environment, which is providing continued energy into the slow recovery of the market.”

The apparent stability in the market is reassuring given the consistency in sales over the past two months
– Lebogang Gaoaketse, Head of Marketing and Communication at WesBank

New vehicle sales in June were marginally down on May’s figures according to naamsa | the Automotive Business Council, a more reflective indication of sales than considering the 20.2% growth year-on-year. June sales registered 38,030 new vehicles compared to the 38,320 in May and 31,643 in June last year. A further consideration is the more sombre fact that last month’s sales are 17.2% down on June 2019 sales.

“The apparent stability in the market is reassuring given the consistency in sales over the past two months,” says Gaoaketse. “In 2019, the market was particularly volatile, yet our trading conditions now are equally as unpredictable.”

The passenger car segment accounted for 24,482 units, 28% up year-on-year and marginally higher than May sales. The segment was bolstered by 2,565 units into the rental market, which is significant given the appetite for renewals in the fleet industry. By comparison, consumer demand was relatively softer, the dealer channel up 15.2% year-on-year, although stable compared to May.

Light Commercial Vehicle (LCV) sales were 5.9% down to 11,208 compared to last month, but up 9.6% year-on-year. Dealer sales in the segment were similarly lower, 5.1% down.

People’s transport considerations are evolving, and both the country and the industry need to maintain the pace in an exciting mobility age.- LEBOGANG GAOAKETSE, HEAD OF MARKETING AND COMMUNICATION AT WESBANK

“Stock shortages continue to have some impact on overall sales as manufacturers continue to manage demand versus supply on imports and availability of production, while local manufacturing continues to experience some parts supply challenges,” says Gaoaketse. “However, year-to-date sales remain reassuring as the market continues its slow recovery.”

First-half sales were 227,440 units, an increase of 40.1% compared to the first half of 2020 within the context of locked-down sales during March and April last year.

Year-to-date sales remain reassuring as the market continues its slow recovery.
– LEBOGANG GAOAKETSE, HEAD OF MARKETING AND COMMUNICATION AT WESBANK

“The industry continues to consider the Aftermarket Guidelines, which come into effect today, as well as important considerations of the protection of personal information,” says Gaoaketse. “People’s transport considerations are evolving, and both the country and the industry need to maintain the pace in an exciting mobility age.”

The importance of car insurance to suit your needs and your pocket

vuyi on June 23, 2021

For many people, car insurance is a grudge purchase because it isn’t something many people are excited to pay; yet without it, you could find yourself in long-term financial difficulties if your car isn’t covered by insurance.

If you are thinking of cutting back on your monthly expenses by saving on car insurance payments, you might end up thinking again if something were to happen to your car – and, even more so if the incident is your fault. As a first-time car owner, paying for insurance should be a must-have line item within your monthly budget.

Car insurance is a way of protecting your car – and yourself – against the harm and the costs if your vehicle is involved in an unfortunate incident such as an accident or gets stolen. By paying a monthly insurance premium and your personal return on investment is the peace of mind that comes with knowing that your vehicle will be covered by your insurer.

Knowing why you need car insurance is one thing but, making sure you choose the policy that will best safeguard your vehicle, is another – Kutlwano Mogatusi, WesBank Motor communication specialist

If your vehicle is insured with a reputable insurer catering for your needs, you will be covered for a vehicle accident, a natural disaster, fire or theft. In the unlucky incident that the accident is your fault and damage is caused to another vehicle, the driver or passengers, or even a pedestrian, your insurance should cover you for that too.

So, why do you need car insurance?

Well, if life were predictable, and we could see into the future through a crystal ball, we might think of insurance as an unnecessary cost. However, because it isn’t, and we can’t, having car insurance is like a safety net if something goes wrong.

Also, if you are trying to settle an insurance claim with a third party who has damaged your vehicle, you can call on your insurance company to resolve the matter. It takes the stress out of the process, and you don’t need to get involved in the admin related matters. You also have the peace of mind that it will keep your car safe in the case of an unforeseen curved ball that life might throw your way.

“Knowing why you need car insurance is one thing but, making sure you choose the policy that will best safeguard your vehicle, is another. The right policy ensures that your vehicle is safe from natural disasters, the threat of theft, fire, third party cover, damage or even a write-off resulting from an accident. This is comprehensive insurance cover, and it is usually mandatory if you have a vehicle finance agreement with a financial institution such as WesBank,” explains Kutlwano Mogatusi, WesBank Motor communication specialist.

A luxury car will attract a higher insurance premium, while an older vehicle or a second-hand car with a lower market value will cost less to insure

– KUTLWANO MOGATUSI, WESBANK MOTOR COMMUNICATION SPECIALIST

Knowing how insurance works will serve you well

The best car insurance policies include vehicle repairs and replacements, reimbursement for damages to the other party or parties from an accident you cause, car hire while your car is being repaired, and even roadside assistance. When you report a claim to your insurance company, a representative should be available to manage the claims process and assist you with any questions you may have.

Shopping around for a policy that suits both your needs and your pocket is advisable. Be sure to read, and understand, the terms and conditions within the fine print too – you don’t want any nasty surprises if you need to make a claim.

“Knowing what factors can affect the amount you pay on your monthly premium will also help you make a more informed decision on what insurance policy to use.

This starts with the type of vehicle you drive – a luxury car will attract a higher insurance premium, while an older vehicle or a second-hand car with a lower market value will cost less to insure. Even the colour of the vehicle can impact the insurance cost, with white and lighter-coloured cars attracting a lower premium,” explains Mogatusi.

With so many car insurance deals on the market, you can shop around for the best rates.
– KUTLWANO MOGATUSI, WESBANK MOTOR COMMUNICATION SPECIALIST

Factor which affect your premiums

Living in South Africa, the risk of vehicle theft is a real issue too, and some makes of cars are more of a target for thieves and crime syndicates. Again, this can influence your insurance policy premium because the insurer will take into account the increased risk in insuring your vehicle.

Premiums can also be affected by other factors such as your age, where you live and work, and the length of time you have been a licensed driver. How you manage your personal finances and your credit history will also be considered as the insurance provider needs to ascertain your risk profile when determining your premiums.

As a young professional, if you have been driving for less than five years, you are considered an inexperienced driver to the insurance company. No matter how competent a driver you may be, the insurer considers an inexperienced driver to pose a greater risk if you are involved in an accident. Again, this will affect your premiums, as will the noting of who the regular driver of the vehicle is. It is important to ensure these details are listed correctly.

Always look for the best deal to suit your pocket; we will always recommend comprehensive insurance as first prize.
– KUTLWANO MOGATUSI, WESBANK MOTOR COMMUNICATION SPECIALIST

A high safety rating and increased safety measures in the car can attract a lower insurance premium. This is because the vehicle has less chance of being broken into and features such as airbags, ABS brakes, a seat-belt warning system and rear-view camera could assist in lessening the damage in the case of an accident.

While the monthly premiums for insurance may seem like a grudge payment, it is important to consider this in alternative light.

If you are involved in an incident and have no insurance cover, you will have to pay for the damages to your car and the other vehicle, if it is your fault, from your own pocket.

“With so many car insurance deals on the market, you can shop around for the best rates. Consider the extra benefits on offer too, such as roadside assistance, discounts for good driving or lowering your premiums annually as your vehicle depreciates in value.

Look for the best deal to suit your pocket. We will always recommend comprehensive insurance as first prize. If this is not affordable in your current circumstances, make sure that at the very minimum you then have the basics of fire, theft and third-party covered,” says Mogatusi.

Five Tips To Success When Applying For Your Car Loan

vuyi on May 11, 2021

In the current economic climate, with increased living costs and the stresses of everyday life in lockdown, many consumers are fearful of being turned down when applying for credit.

Whether it’s a house, credit card or a new vehicle, banks are bound by law, through the National Credit Act (NCA), to ensure that consumers can afford the financial commitments into which they enter. While credit should never be used to live beyond one’s means, it can be a necessity – as in the case with financing a car, which is a major financial commitment.

“While there’s no guarantee that a customer’s application will be approved, there are best practices to follow that can improve one’s credit health and greatly increase the chances of being granted credit,” says Lebogang Gaoaketse, WesBank Head of Marketing and Communication.

1. Establish your affordability

The first step in calculating your budget is finding out how much you can afford to spend on a car. To do this, simply take your income (after taxes and deductions) and subtract all your monthly expenses such as food, rent, airtime, subscriptions, insurance and the like. All these costs need to be deducted from your total income to arrive at your disposable income. This is the money that can be used for luxuries, savings or essential credit, such as monthly car instalments.

Carrying out this budget exercise at home gives you a clear picture of how much you can spend on car instalments.

2. These extras aren’t optional

Remember that affording a car isn’t just about settling the monthly instalment. If you have calculated that you have R5 000 to spend on a vehicle after paying all other monthly expenses, you will need to use that amount to cover the instalment as well as other essentials. Fuel and comprehensive insurance cover are examples of ongoing monthly expenses that need to be budgeted for. If your vehicle doesn’t have a service or maintenance plan, you should also consider putting some money aside each month to cover regular maintenance costs.

These items form part of the overall cost of vehicle ownership and should be included in your budget when submitting your finance application. If your budget allows for these costs, you improve your chances of your application being approved for a car loan.WesBank advises allocating between a half and two thirds of your budget to the vehicle instalment, with the remainder allocated to the additional costs. For example, if you only have R5 000 a month to spend on a car, between R2 500 and R3 000 should be used for the instalment repayment, with the remainder going towards fuel, insurance and maintenance costs.

3. Save up for a deposit

If you’ve demonstrated to the bank that you can budget responsibly, you’ll impress them further if you can put down a deposit payment. While it’s not absolutely necessary to pay a deposit, doing so will work in your favour in the long-term. Paying a deposit reduces the amount of credit required for the transaction, which means lower monthly repayments, less interest and improved affordability. Your ability to afford the monthly repayments is one of the biggest drivers when banks assess your finance application.

Financial responsibility also reflects well on your credit profile, which will also go some way to ensuring your finance application will be approved.

4. Settle as many debts as possible

Your credit profile or credit history shows banks how you use credit. This includes clothing accounts, overdrafts, home loans, personal loans and credit cards. As long as you make your monthly payments on these accounts, your credit profile will be spotless and banks will view you as a reliable borrower.

According to the NCA there are two main types of credit agreements. The first is a credit transaction such as a personal loan, which is taken out and paid off, with interest, over a certain period. With each payment, the outstanding balance reduces over the agreed loan period.

The second type of credit agreement is a credit facility such as an overdraft or a credit card. These are revolving facilities with a maximum amount but also require a monthly repayment of an agreed amount.

When applying for credit, the bank takes all your current and available credit into account. For example, if you have a personal loan that you have been paying off for two years, with a balance of R15 000 and instalments of R1 000, these figures are used in assessing your affordability.

If you have credit facilities such as a credit card with a limit of R50 000 and an overdraft with a limit of R25 000, these amounts are also included in the assessment – whether they are fully used or have a zero balance. These facilities remain in place even after your vehicle finance has been approved and if you do use them then your monthly affordability has to include their repayments. For this reason, the NCA requires the bank to take all credit facilities into account.

The best advice here is to have as little debt as possible, which frees up money in your monthly budget. Once you’ve paid off an account, it is a good idea to close it – or lower the total limit for the facility. The fewer credit facilities you have in your name, the better it looks for your credit profile and your future finance applications.

5. Trading in for the best deal in town

Once you’ve completed the budgeting exercise and calculated what you could afford in a vehicle, you’re ready to visit a reputable, WesBank-approved dealership. One other thing to consider if you own a vehicle is trading in your existing car. If you’ve had your current car for more than four years, chances are that its trade-in value will be more than the money you still owe the bank. This means you’ve passed the breakeven point for your vehicle loan. It also means that the money you make from trading in your car can be used as a deposit towards your new vehicle purchase. The same is true if your car is paid off: the money you receive from that trade-in deal can be put down as a substantial deposit on the cost of your new car.

If your vehicle’s trade-in value is less than the amount you owe the bank, it means you have not yet reached the trade-in value. In this scenario, you will either have to keep your existing vehicle for another couple of months, or you could use some of your savings to assist in settling the existing vehicle loan – though that is not ideal.

Of course, having a trade-in where you don’t have to pay in additional money is going to greatly benefit your car loan application.

“The last thing to keep in mind is to be patient and shop around for the best deal. The new vehicle market is very competitive and, with the current low interest rates, manufacturers have some very attractive offers – some that could help you afford a car and others that offer better value. Find a deal that suits your budget and your needs, and use the advice provided to assist you with your next finance application. If you’ve carefully considered your expenses, calculations and affordability range, your application for finance should be approved,” says Gaoaketse.

Unlocking the lockdown on vehicle sales

vuyi on May 4, 2021

Sales during the first four months of the year remain 28.3% ahead of the corresponding period last year
– Lebogang Gaoaketse, Head of Marketing and Communication at WesBank Vehicle and Asset Finance

April new vehicle sales told an inspiring story of the South African motor industry’s resilience, while also providing a harsh reminder of the bleak outlook experienced a year ago. With April 2020 sales essentially at a standstill as motor retailers stood closed, the rejuvenated picture a year later, while certainly reassuring, remains under pressure.

In percentage growth terms, the sales dam was over-flowing while the floodgates couldn’t keep up. According to naamsa | the Automotive Business Council, the new vehicle market grew 6,133.3% in April compared to April last year. However, the reality was a little more subdued when considering that April’s 35,779 sales were 17.6% lower than last month – 7,649 units less than March.

“April sales are difficult to interpret within the context of lockdown,” says Lebogang Gaoaketse, Head of Marketing and Communication at WesBank Vehicle and Asset Finance

“April sales are difficult to interpret within the context of lockdown,” says Lebogang Gaoaketse, Head of Marketing and Communication at WesBank Vehicle and Asset Finance.

“On balance, April sales lost less against March than March sales had gained against February, meaning the market remains in its state of slow recovery.” March sales had increased 18.4% over February.

Sales during April will also have been impacted by the numerous public holidays, providing fewer selling days during the month. “Reassuringly, however, is that sales during the first four months of the year remain 28.3% ahead of the corresponding period last year.

This is purely as a result of April volumes measured against the 574 sales recorded in April last year. Within this context, first quarter 2021 sales were 0.9% lower than 2020.”

Demand in the new vehicle market remains high
– LEBOGANG GAOAKETSE, HEAD OF MARKETING AND COMMUNICATION AT WESBANK VEHICLE AND ASSET FINANCE

The passenger car segment sold 22,911 units during April, 86.2% of which were retailed through dealers to consumers.

Dealer channel sales were relatively robust and are 27.3% ahead year-to-date. The segment was 13.9% down on March sales.

Light Commercial Vehicles (LCVs) by comparison were 24.3% lower than March, taking a harder knock – although year-to-date sales in the segment are 46.9% higher. Dealer channels sales in the segment accounted for 90% of sales.

“Demand in the new vehicle market remains high as judged by WesBank’s daily application rate,” says Gaoaketse. “While WesBank continues to finance more than twice the number of pre-owned vehicles than new, there is a marginal shift towards new car sales as experienced during April.”

Affordability remains a key purchase consideration, driving consumers towards the pre-owned market.

“Attractive incentives in the new vehicle market, however, as well as low-interest rates, are providing some stimulus to the new vehicle market,” says Gaoaketse.

A look at vehicle sales figures one year since lockdown began.

vuyi on April 6, 2021

As the country observed the first-year anniversary since lockdown commenced, new vehicle sales provided reason for the industry to celebrate.

Twelve months ago, the country reeled to news of the pending lockdown as showrooms prepared to close their doors, consumers headed home, and vehicles were only let out for essential services. In March 2020, the new vehicle market plummeted 29.7% compared to March 2019 to record just 33,545 sales. The grip on the South African motor industry had tightened quickly.

One year later, the resilient industry is fighting a hard recovery. But March 2021 sales put one of their best feet forward.

With interest rates remaining stable at their low levels, a constantly – albeit slowly – improving supply of imported vehicles, and a slightly healthier economy operating within eased levels of restrictions, we expect the market to continue recovering well.
– Lebogang Gaoaketse, Head of Marketing and Communication at WesBank Vehicle and Asset Finance

“Reassuringly, March sales show a 18.4% increase over February this year, a number more indicative of the real strength of the market,” says Lebogang Gaoaketse, Head of Marketing and Communication at WesBank Vehicle and Asset Finance. “With many of the brands indicating difficulty securing sufficient stock to meet demand, the new vehicle market seems to be well on its way to recovery.”

Passenger car sales were up 23.4% to 27,330 units year-on-year and 13.2% up on February 2021. With some renewed activity in the rental market, the consumer demand was noticeable with dealer sales in the segment up 24.2%.

Light Commercial Vehicles (LCVs) delivered a staggering 52.4% improvement over March last year to sell 14,375 units. This performance means the LCV segment is up 13.2% year-to-date and hopefully represents a surge in business confidence. The majority of activity in the segment remained on the showroom floor with dealers selling 61.1% more bakkies than they did a year ago.

“With interest rates remaining stable at their low levels, a constantly – albeit slowly – improving supply of imported vehicles, and a slightly healthier economy operating within eased levels of restrictions, we expect the market to continue recovering well,” says Gaoaketse. “While we have seen a significant increase in the average deal size financed by WesBank, we don’t expect new vehicle prices to increase dramatically. This will also provide added stimulus to the market and is a positive sign of consumer sentiment and ability to participate in the new vehicle market.”

The strong March performance made an encouraging impact on year-to-date sales. First quarter sales are just 0.9% down on the same period last year with 116,225 sales recorded during the first three months.

Vehicle Finance 101: What You Ought To Know About INSTALMENT FINANCE

vuyi on November 24, 2020

In the excitement of buying a new car, some people make the mistake of not fully understanding the best finance options available to them. In the second of our 3-part Vehicle Finance series, we talk about Instalment Finance.

The majority of South African drivers cannot afford to buy their cars outright and rely on vehicle finance from banks. There are a few different vehicle finance options available to customers, namely:

Balloon Payments
Installment Finance
Guaranteed Future Value

But how do you know which one is best for you? To help you make better-informed decisions, here is what you ought to know about Instalment Finance.

Instalment finance agreements come with fewer restrictions such as mileage and the condition of the vehicle, but monthly repayments will naturally be a bit more.
– GHANA MSIBI, CEO OF WESBANK MOTOR DIVISION

Instalment sales are by far the most common and simplest of the vehicle finance options.

Monthly repayments are calculated on the purchase price of a car, and payment terms can be structured into time frames of between one and six years. The longer the term, the lower the monthly instalment will be, but it’s important to remember that interest will increase proportionally to the length of the contract. As such, the total amount repaid to the bank will be more for a longer loan period than a shorter one.

“Instalment finance agreements come with fewer restrictions such as mileage and the condition of the vehicle, but monthly repayments will naturally be a bit more. The extra monthly cost does, however, pay off in the long run because once the payment term is concluded, the customer owns the car outright,” explains Msibi.

One of the most important pieces of advice WesBank has for customers, regardless of which of the three finance options is chosen, is to begin with a healthy deposit. Any money put down upfront will automatically mean lower monthly instalments and less interest, combined with a lower outstanding balance at the end of the contract in the case of balloon payments or GFV deals.

“Any dealership that offers finance through WesBank has a registered Finance and Insurance (F&I*) consultant to guide buyers and explain the different finance options,” concludes Msibi. “These experts can propose which option is most suitable for each respective customer and will offer financially sound advice on what you can and cannot afford,” says Msibi.

* All F&I consultants are regulated by the Financial Advisory and Intermediary Services (FAIS) Act and the National Credit Act (NCA).

Vehicle Finance 101: What You Ought To Know About BALLOON PAYMENTS

vuyi on November 23, 2020

In the excitement of buying a new car, some people make the mistake of not fully understanding the best finance options available to them. In the first of our 3-part Vehicle Finance series, we talk about Balloon Payments.

Balloon Payments
Installment Finance
Guaranteed Future Value

But how do you know which one is best for you? To help you make better-informed decisions, here is what you ought to know about Balloon Payments.

For those in the car market, right now is actually a great time to buy thanks to the current low-interest rates combined with some tasty offers from car dealers around the country.
– Ghana Msibi, CEO of WesBank Motor Division

Balloon payments

This is a convenient solution designed to assist the buyer with cash flow at the start of a finance agreement.

A portion of the purchase price is set aside in order to lower monthly repayments, but it’s important to remember this deferred amount will still be owed to the bank at the end of the contract term.

Balloon payments require discipline to be used effectively, and customers opting for this arrangement should make sure they’re saving enough cash every month to settle the debt once the instalment period is complete.

While the benefits that come with keeping monthly costs down may be extremely appetizing, it is important not to view a balloon deal as a way to get into a car you simply cannot afford.
– GHANA MSIBI, CEO OF WESBANK MOTOR DIVISION

Think of a balloon payment as a deposit, but one that’s put down at the end of the contract term instead of at the beginning. Depending on the size of the balloon, the money saved on the monthly payments should more than cover the cost of interest for a loan to refinance the lump sum of debt at the end of the term.

In other words, saving the money yourself while driving the financed vehicle could be cheaper than it would be to apply for another bank loan to pay off the outstanding debt owing on the car.

“While the benefits that come with keeping monthly costs down may be extremely appetizing, it is important not to view a balloon deal as a way to get into a car you simply cannot afford,” says Msibi.

“A looming lump sum after years of driving a vehicle is easy to ignore and forget, but settling that debt is ultimately the responsibility of the buyer. That said, a balloon payment has some great advantages if used properly.

* All F&I consultants are regulated by the Financial Advisory and Intermediary Services (FAIS) Act and the National Credit Act (NCA).

New Car Sales Establishing New Roots

vuyi on October 7, 2020

New vehicle sales continued to establish firmer ground, recording the third consecutive month of growth since lockdown.

The slow resurgence of sales comes off the back of reduced lockdown level regulations as the country entered Level One during September. Year-on-year results for the past three months have shifted from 29,6% in July, through 26,3% in August, to a market down 23,9% in September. According to the National Association of Automobile Manufacturers of South Africa (Naamsa), 37,403 new vehicles were sold during September, up 3,888 units from August.

“Some momentum is gathering as economic stimuli slowly return,” says Lebogang Gaoaketse, Head of Marketing and Communication at WesBank Vehicle and Asset Finance. “The month-on-month increase in sales is more reassuring in real terms than the gradual improvement in year-on-year performance over the past three months. There are clear signs of recovery, although there remains a long road to full recovery.”

In contrast to actual sales activity, WesBank Vehicle and Asset Finance data indicates an increase in applications compared to September last year

As much as those nearly 4,000 additional units of volume will have been welcomed by dealers and brands, the harsh reality remains a market 11,737 units less than September last year. “Relatively, September sales down 23,9% compare favourably to the year-to-date performance, which is now 33,4% down from the same period last year,” says Gaoaketse. “That’s a very sobering 132,878 units less so far this year than pre Covid-19 levels of market activity.”

In contrast to actual sales activity, WesBank Vehicle and Asset Finance data indicates an increase in applications compared to September last year. “Whether it remains pent-up demand or merely more consumer and business optimism in the market, there are reassuring levels of demand,” says Gaoaketse. “While this isn’t currently translating into sales, it bodes well for the continued recovery of the market as affordability slowly improves.”

WesBank Vehicle and Asset Finance has also experienced an increase in its average deal duration, indicating the knock-on effects of lockdown delaying purchase decisions, as well as the continued stress on household incomes that is translating into current market performance.

Passenger car sales took the largest knock in September and accounted for the majority of the volume decrease year-on-year

Passenger car sales took the largest knock in September and accounted for the majority of the volume decrease year-on-year. At 31,2% down compared to September last year, the 22,798 sales meant 10,322 fewer passenger cars were sold in September than a year ago.

By comparison, Light Commercial Vehicle (LCV) sales were relatively buoyant at 12,267 units, down 8,9% or 1,202 sales compared to September 2019. Both segments did, however, sell more units than in August.

“Seemingly the long road to recovery for the automotive industry has begun,” says Gaoaketse. “Stimulating conditions to accelerate the return of new vehicle sales is welcome, including aggressive marketing campaigns, but – in particular – the low interest rate environment. Just how long these conditions will remain, will play an important part in how quickly the industry recovers.”