New passenger car registrations rose 1.4% in October with 180,168 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). Year-to-date the market is still higher than last year, a total of 2,330,663 units have been registered.
"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.
“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.”