Nissan Motor Acceptance Corp. saw a dip in market penetration for both leases and retail sales during its fiscal-year first quarter, despite Japanese automaker Nissan Motor Co.’s strong sales, according to the OEM’s earnings call today.
Nissan — whose fiscal year ended March 31, marking April through June as its first quarter — experienced a slight decline in penetration levels for NMAC, with both lease and retail declining 1% each to 30% and 32%, respectively, from the same period last year.
Over the past four quarters, lease penetration has held steady at around 30%, while there’s been a slight decline in retail penetration — with a height of 36% in 2Q16 and a low of 32% in 1Q17.
NMAC also had a net credit loss ratio for leases of 0.5%, up from 0.3% the same quarter of 2016, and net credit ratio for retail reached 1.3%, up from 0.8%. Operating profit was down $8 million to $234 million, from the same period last year.
Overall, the Yokohama-based OEM said that its first quarter net profit was $1.2 billion, down 1% from the same period last year. Quarterly sales climbed 4% year over year to $24.8 billion. Also of note, Nissan sold 1.4 million vehicles in the quarter, up 5% year over year. Vehicle sales rose in Japan, the U.S., China, and Europe, the company said.
