Speaking at the Geneva motor show, Aldred said: ‘The weakness of the pound hurts. It has dropped quickly from 80p to the euro to 86p and while that might not sound much put that way, it has a profound effect. Prices may have to go up.

‘We haven't made any changes yet but it is something we have to look at but we also have to make sure our products are still accessible. Another danger is that some companies will look at the UK market, which is doing well versus the rest of Europe, and decide to push more products through at discounted prices.’

However, he believes the new car market in the UK will remain strong.

‘It's tracking around the 2.2 million mark and that is good news. It is stable, not falling. Customers are embracing finance offers despite the economic situation and I believe this is because we now have a generation of buyers who are used to paying out monthly for what they want. Young people, for example, have grown up happily paying £50 a month for a mobile phone.’