Skip to content

Up and down figures for the car industry’s finances

Despite the ending of the recession, the past few months have been a welcome boost for our economy within the motoring industry. Profits, sales, car loans and finances have all risen and it was looking pretty rosy.

Despite the ending of the recession, the past few months have been a welcome boost for our economy within the motoring industry. Profits, sales, car loans and finances have all risen and it was looking pretty rosy.

Now though, July’s figures are in, and it’s bad news. The number of cars sold in July compared to last year has dropped for the first time in 12 months. The figures published by the Society of Motor Manufacturers and Traders shows that in July 136,446 new cars were sold, which is a drop of 13.2 percent to last year’s figure of 157,149.

Paul Everitt, SMMT chief executive stated that: "A drop in private registrations compared to the scrappage-fuelled months of 2009 was expected and has brought the first market decline for 12 months," he continued to say; "Subdued consumer confidence and a still fragile economic recovery make the outlook for the remainder of 2010 challenging, but a stronger than expected first half means full year volumes are still forecast to exceed 2009's total."

Posted by on

Back to August 2010

Back to top