The number of new cars registered rose by 14.2 per cent last month, according to the latest data.
The figures from the Society of Motor Manufacturers & Traders (SMMT) show that 179,714 units were registered in October. It takes the total number of sales for 2014 to 2,137,910 as the motor trade industry continues its impressive growth.
As more motorists invest in new cars, there has also been a rise in the number of used vehicles being traded in. For any businesses trading in second hand cars it is important that they review their motor trade insurance policy as and when there are changes in the market – if they take on more stock, for example, they must ensure they have adequate cover from their insurance.
The data from the SMMT signals the first time that the market has surpassed two million within the first 10 months of the years since 2007.
Mike Hawes, SMMT chief executive, commented: “The October new car market outperformed expectations, with registrations showing the strongest growth in a month since March’s 18 per cent rise. With economic confidence still rising, customers continue to benefit from attractive financial packages on exciting new models.
“We still expect the overall market to level off as we head towards 2015, but the exception to that rule will be alternatively-fuelled vehicles, demand for which will continue to accelerate.”