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|"The automotive sector remains resilient...however overall figure disguises private sales market"|
|Tuesday, 06 September 2016|
Chris Bosworth, Director of Strategy at Close Brothers Motor Finance, comments on the SMMT UK Registration figures for July: “Today’s figures indicate that the automotive sector remains resilient in the months after the UK’s decision to leave the EU, with the small growth in registrations helping the sector recover from a flat performance in July. The increase in overall registrations has been helped by the growth in demand of alternatively-fuelled vehicles and growth fleet sector markets, which saw significant year-on-year and monthly figures for August”
“However, the total figure continues to disguise the performance of the private sales market where, for the fifth month in succession, we have seen a drop in customers buying new cars. This may be in part due to the timings of the calendar year – August is traditionally one of the quieter months in the new car market, with most drivers waiting until the September plate change to buy a new vehicle. As such, and despite today’s figures being a positive indicator, it is still too early to gauge the impact that Brexit is truly having on the market.”
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