New car registrations in
February fell 7.7% compared to the same period last year, according
to latest statistics from the Society of Motor Manufacturers and
Traders (SMMT).
In total, 63,424 units were
sold – slightly more than expected, especially given the absence of
a scrappage scheme this year.
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The figure shows an
improvement on the situation in January, a month which saw car
registrations down 11.5% year-on-year. Total registrations for the
first two months of the year are down 10.2% on the first two months
of 2010, standing at 192,235 units.
February is one of the
quietest months in the car sales calendar, accounting for just 3%
of annual sales ahead of the March plate change. However,
February’s performance was 6% above SMMT’s monthly
forecast.
In February 2010, the
scrappage scheme accounted for almost 20% of the market. With those
figures removed, the 2011 market would be up by 13.2%.
Fleet volumes were up 8.6%
compared to February 2010 and helped to counter the decline in
private demand.
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By GlobalDataIf March’s registrations hold
up to February’s performance, volumes of finance sold should be
appreciably higher than forecasted by many lenders.
The SMMT expects total
registrations for the first six months of 2011 to be 8.3% less than
the first half of 2010, with the second half of the year matching
last year’s performance more closely.
SMMT chief executive Paul
Everitt commented: “The UK motor industry is looking for a strong
March market to help boost confidence and kick-start demand for the
new 11-plate.
“February new car
registrations were better than expected and, whilst below 2010
levels, they were significantly ahead of 2009 and on an improving
trend. This month’s Budget will be critical in determining consumer
and business confidence and the ongoing stability of the
market.
“We are looking for certainty on motoring taxes, a freeze
on fuel duty, and measures that support business investment and
access to finance and credit.”
