New car market up 26.6% in March, despite the return of VAT to 17.5 percent. These figures were still boosted by the scrappage scheme as it accounted for 12.2 percent of registrations. The market was already down 30.5% in March 2009 on the year before.
· In March 397,383 new cars were registered, a 26.6% rise on a difficult March 2009.
· The positive influence of scrappage continued in March, accounting for 12.2% of registrations.
· Private buyers led growth, but fleet and business demand also improved.
· Growth across all sales types through Q1 2010 demonstrates underlying stability
· Registrations of UK built cars rose 52.1% in March.
“The UK motor industry has enjoyed a better than anticipated first quarter of 2010,” said Paul Everitt, SMMT chief executive. “A strong March performance was underpinned by the scrappage incentive and improving demand in the fleet sector. The coming months will remain challenging and headline registration numbers are expected to dip, but underlying demand will continue to improve slowly.”
Download report here…
Subscribe to Motor Trade Insider by Email