New car registrations in the UK rose by 8.2 per cent in April 2014, the latest figures have revealed.
Data from the Society of Motor Manufacturers & Traders (SMMT) has revealed that 176,820 new units were registered last month, an increase of 8.2 per cent on the month before. It is the 26th consecutive month of growth, helped by the release of the new number plates in March.
The rise in new car registrations is not just positive news for manufacturers and new-car dealers; it is also great for second-hand vehicle sellers and garages as the knock-on effects will see their businesses boosted. With activity in the motor industry on the up, it is always important to bear in mind that a company’s motor trade insurance policy might need to be updated to cover the expanding business, whether this is the number of staff a company hires or the number of vehicles it has on site.
The SMMT revealed that the volume of sales for the year-to-date reached 864,942 at the end of April – this was an increase of 12.5 per cent from 12 months before. The organisation has subsequently improved its 2014 market forecast from 2.3 million registrations to over 2.4 million.
Mike Hawes, SMMT’s chief executive, commented on the findings: “After the bumper plate-change month of March, the UK car market returned to more modest but still positive growth in April, with new car registrations up 8.2 per cent to 176,820 units. This marks 26 consecutive months of growth as GDP continues to pick up, inflation falls and wage levels improve.
“As UK economic confidence improves still further and the market continues its upward trend, we have revised our 2014 forecast up from 2.3 million to over 2.4 million registrations. This represents an increase of more than 6 per cent versus last year.”