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Carmakers could face a "cliff edge"- Close Brothers Motor Finance PDF Print E-mail
Thursday, 22 June 2017
Following the latest news from the SMMT, reporting that carmakers could face a "cliff edge", if tariff-free trade was pulled away during Brexit negotiations, James Broadhead, CEO of Close Brothers Motor Finance said: “The automotive industry is unquestionably one of the leading lights of the British economy, with turnover in 2016 totalling a record £71.6 billion. But despite having been an undeniable growth industry in recent years – with seemingly endless records set for car registration numbers – it’s difficult to dispute that we are entering into uncertain times for our industry, especially now Brexit discussions are under way.”

· Almost five million prospective car owners say the decision has made them reconsider purchasing a vehicle in the next three years

· Professor Colin Tourick, Professor of Automotive Management at University of Buckingham Business school, says report findings highlight the fact that Brexit is “casting a shadow over the industry”

· 71 % (circa 28 million) current drivers are planning to purchase a car or replace their current vehicle in the next three years

· 17% (4.7 million) of these have said that the decision to Brexit has made them more likely to purchase a used car, seek a cheaper model, or hold off on their purchase entirely

· Nearly half (43%) of the UK’s car dealers surveyed for this report cited a potential recession as the biggest threat to their business

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