SMMT report shows car buyers returning to the market this March
The latest sales figures from March indicate that new and used car buyers are returning to the motor trade in their droves.
March is often seen as the most important sales month of the year. For many dealers, there is no better time for selling a car than the month where first license plates of 2010 make way for the new registration format.
Many in the motor trade have been eagerly looking forward to seeing the performance of the motor trade market in March, given the woes inflicted upon the market by the economic recession. A lack of available finance and a more frugal approach from consumers has slowed the new vehicle market considerably.
The end of the government's scrappage scheme has caused concern for many. The possibility that previous recovery could be stalled by the close of the incentive scheme has been raised throughout the industry. However, the latest figures from the Society of Motor Manufacturers and Traders dispels this fear.
In March, 397,383 new cars were registered in the UK - a 26.6% rise on the difficult March of last year, which was commonly seen as one of the worst for the sector. The SMMT say that the main source of the growth was from private car buyers, though fleet and business demand has also improved significantly.
Paul Everitt, the SMMT's chief executive, said: "The UK motor industry has enjoyed a better than anticipated first quarter of 2010....the coming months will remain challenging and headline registration numbers are expected to dip, but underlying demand will continue to improve slowly."
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Trang Nguyen , London, Smart City