Fleet registrations up 2.7% in July
Latest data from the SMMT shows that for July, a total of 73,973 new car registrations were recorded amongst fleets – a rise of 2.7% over the figure of 72,005 for July 2009 but down on the increase of 25% seen the month before.
And registrations actually declined in the sub 25 vehicle business market, with a total of 6,761 recorded for July 2010 – a drop of 6.5% on July 2009. This follows the increase of 18.4% seen in June.
However, the picture was more positive for the year-to-date figures, with fleet sales up by 14.8% over the first seven months of 2009, reaching a total of 593,907. The business sector also remained up, with registrations of 60,335 up by 4.7% over the same period in 2009.
July's downturn was more pronounced in the private sector, where sales fell 28.5% in July, bringing the overall market figure down 13.2% for the month. However, the market remains up 15.1% over the first seven months of 2010 compared to 2009.
Looking to the full year, the SMMT said that the 2010 new car market is forecast to total 2.018 million units, 1.2% above the 2009 market, and volumes are expected to fall by some 15% over the remainder of 2010. It added that the outlook is difficult to predict due to uncertainty over the state of the economy, impact of VAT changes at the start of 2011, levels of pent-up business demand and manufacturers’ ability to build on the past growth momentum.
Paul Everitt, SMMT chief executive, said: '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.'For more of the latest industry news, click here.