There has been more good news for the UK’s motor trade industry this week as the Society of Motor Manufacturers and Traders (SMMT) released figures showing that February sales rose by three per cent from a year ago.
The increasing number of car sales is, naturally, positive for the UK automotive industry. New and used car dealerships, as well as garages and mechanics, can expect the increase in sales to trickle down over the coming months to manifest as a boost in business.
The announcement, made yesterday, marks two full years of continuous month-on-month growth for the industry. In total, the SMMT showed that the number of new car registrations rose to 68,736 units, meaning that the figures for 2014 so far are up 6.1 per cent compared to the same period of last year. The latest numbers pertaining to February sales are particularly positive, the SMMT said, because it is a “typically quieter month”.
SMMT’s breakdown of the most popular models sold might be particularly useful for industry members as it should help inform their decisions when looking at their motor trade insurance policy for the coming year. The research found that the Ford Fiesta was the top seller with 4,415 sales in February, followed by the Vauxhall Corsa with 3,138. However, there were some more expensive models in the top 10, such as the BMW 3 Series, which sold 1,085. Used-car dealerships might want to prepare for the potential increase in second-hand models of these cars as people look to be replacing them with newer models.
Mike Hawes, chief executive of the SMMT, commented on the data: “The three per cent rise in February new car registrations marks two full years of continuous month-on-month growth, a real endorsement of consumer confidence and the attractiveness of the new car market.
“While February is typically a quieter month ahead of the March registration plate change, we expect the arrival of the new 14-plate and increasing economic confidence to maintain a steady rate of growth.â€
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