NEW CAR MARKET REMAINS STRONG IN OCTOBER

Published 04/11/2016 00:00:00 in Press Releases

“The retail motor industry has demonstrated its resilience since the EU referendum with the market performing well year-to-date, up 2.5% with a further 180,168 units registered in October, 1.4% more than last year”, said Sue Robinson, Director of the National Franchised Dealers Association (NFDA) which represents franchised car and commercial vehicle retailers across the UK, commenting on the SMMT’s new car registration figures.

New passenger car registrations rose 1.4% in October with 180,168 units. Year-to-date the market is still higher than last year, a total of 2,330,663 units have been registered.

Robinson continued, “The continued strong performance of alternative fuelled vehicles is particularly pleasing with growth of 12.4% in October. The NFDA expects demand for alternative fuelled vehicles to remain high for the foreseeable future which will benefit our members.

“Yesterday’s Bank of England decision to hold interest rates at 0.25% and to revise up their UK growth forecast from 2.0% to 2.2% are positive signals for the UK economy as it is expected to continue to keep up its pace since the referendum in June.

“Record low interest rates and the highest employment levels since recording started, will continue to support consumers’ confidence and help the retail motor sector perform well despite challenges.

 

ENDS

NOTES TO EDITORS:

Gabriele Severini, Communications Officer
Tel: 0207 307 3423 
Mob: 07880 039 897 
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406

Web: www.rmif.co.uk Email: gabriele.severini@rmif.co.uk

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.

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