New car registrations continued to rise in August, marking the 42nd consecutive month of growth, new figures have shown.
According to the latest data from the Society of Motor Manufacturers & Traders (SMMT), new car registrations in the UK were 9.6 per cent higher in August 2015 than for the same month a year earlier. There were 79,060 new cars registered last month, which brings the year-to-date total to 1,634,369 units, 6.7 per cent higher than the first eight months of 2014.
Market research such as this is always valuable to those working in the motor trade industry, whether it is an individual repairing cars part-time or a large dealership. Not only can it help inform their stock and working practices but it will also inform their decision when it comes to obtaining a road risks insurance or combined motor trade insurance policy.
Substantial growth was witnessed in the alternatively-fuelled vehicles market, which saw a 52.3 per cent jump in activity year-on-year. Meanwhile, registrations in the private, business and fleet markets were up 7.2 per cent, 11.8 per cent and 12.1 per cent respectively.
Mike Hawes, SMMT Chief Executive, commented: "August’s strong performance has again been driven by attractive finance deals and a diverse range of technologically advanced models.
"Britain’s budget-conscious buyers are taking advantage of low regular monthly payments that provide certainty and affordability. With September’s new 65-plate now in full swing, we expect UK showrooms to be as busy as ever."