New car registrations in February fell 7.7
percent 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
percent year-on-year.
February is one of the quietest months in the
car sales calendar, accounting for just 3 percent of annual sales
ahead of the March plate change.
If 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 6 months of 2011 to be 8.3 percent less than the first half
of 2010, with the second half of the year matching last year’s
performance more closely.
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By GlobalDataSMMT 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.”
