Kenyan new vehicle sales drop by 22%
The sales of new vehicles in Kenya during the first 10 months of the year have fallen by 22.21% in comparison to the same time period in 2016.
Last year between January and October, sales reached 11,535 units, whereas in 2017 only 8,972 new vehicle units were sold.
According to data released by Isuzu East Africa (IEA) August was the least successful month with only 723 units sold.
It was followed by January, in which757 new vehicles were sold, and then October, with 768 units being sold in the month.
The report states that 56.7% of Kenyans were in favour of purchasing completely built units, with the remaining 43.3% who preferred locally assembled units.
It is anticipated that these statistics may change following the arrival of Renault, locally assembled VW Polo Vivo, and Mobius 11 into the family and urban small cars market.
Out of the 8,972 units sold, 2,410 of them were light trucks, accounting for more than a quarter of sales and making it the most sold model.
However, light trucks still sold more in the same time period of last year at 3,185, a decrease of 24.3%.
During the 10 months, Special Utility Vehicles sold 1,538 units, which was only a decrease of 0.9% from last year’s 1,538.
Double cabin models sold 1,293 and dropped to 1,255, a fall of 2.9%, demonstrating a sustained interest with the vehicles.
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.