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"There has been an unprecedented number of headwinds to the car industry this year" PDF Print E-mail
Thursday, 02 November 2017
Chris Bosworth, Director of Strategy at Close Brothers Motor Finance, comments on the SMMT prediction of a 5.4% drop in car sales in 2018: “Following six consecutive months of falling car sales, including a disappointing dip in the traditionally successful September when new registration plates are introduced, the latest predictions from the SMMT are likely to concern manufacturers and franchised dealers.

“There has been an unprecedented number of headwinds to the car industry this year with VED changes, continued Brexit uncertainty, a weak pound, and the 2040 ban on petrol and diesel cars. Whilst registrations are expected to stabilise in 2019 with a forecast figure of 2.397m, we’re yet to see the full consequences of a simultaneous shift in consumer behaviour and government and regulator policy changes. Consumers will increasingly look to the used car market to reduce their depreciation risk and overall financial exposure in times of uncertainty. Dealers need to ensure they’re ahead of the curve and that they’re offering consumers the full range of finance and appropriate stock to respond to reducing consumer confidence.”

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