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Surprise start to 2010 for automotive sector with January new car figures exceeding expectations |
- Industry welcomes scrappage extension
- Corporate market must grow to 60% to offset the end of scrappage
David Raistrick, UK Manufacturing Leader at Deloitte commented:
“January’s new car registration figures are positive news for the automotive sector as they climb back to the numbers enjoyed two and three years ago. Today’s figure of 145,000 is a significant jump from last year’s 112,000 and is more in line with January 2008 and 2007 where January registration numbers were over 160,000.
“The extension of the scrappage scheme is superb news for the industry giving buyers the chance to use up all the available funding. I would expect further increases in February and March as buyers look to take advantage of the scrappage extension as well as racing to get new registration plates in March.
“For the industry to balance the decrease in private sales as scrappage ends, the corporate car market must grow. Looking at total registration figures over the past two years, the number of corporate cars has decreased from 58% to 49%, while private demand has grown thanks to scrappage. If, as UK businesses pull out of recession, corporate and fleet registrations increase this will help take this figure closer to the long term average of 60% of total sales. This could help boost total annual numbers to the upper end of the forecasted registration figure of 1.8-1.9 million.”
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