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|SMMT car registrations- "The Automotive Sector Remains Resilient "|
|Thursday, 06 October 2016|
Chris Bosworth, Director of Strategy at Close Brothers Motor Finance, comments on the SMMT UK monthly automotive registration figures for September: “Today’s new registration figures from the SMMT – the first since new 66-plated car registrations came into force – indicate that the automotive sector remains relatively resilient following Brexit with a second consecutive month of growth following a flat July. The increase in overall registrations has been helped by a slight rebound in diesel vehicles as well as the growth in demand of alternatively-fuelled vehicles and fleet markets which both showed significant year-on-year and monthly figures for September.
“Nevertheless, it is important to analyse the figures, rather than just looking at the headlines. As we have seen for the last six months, private sales have continued to fall causing the growth trajectory of new car registrations to steadily drop. Many consumers are now starting to gravitate to well-priced ‘nearly-new’ stock as manufacturers reduce the number of subsidised finance offers available. With the business market likely to be impacted by the outcome of the current HMRC review into company cars, the private sales market will become increasingly important to overall registrations in the UK.
“We have also recently seen several foreign-based manufacturers announce the potential move of their European headquarters from the UK, meaning the make-up of the UK car industry in the long term is far from certain. Looking forward, new innovations – such as safety improvements, alternative fuels and models – released by manufacturers will be the main drivers in encouraging people to continue to purchase new cars over used vehicles in the coming months.”
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