The SMMT says its raised sales forecast follows recent economic indicators pointing to improving conditions emphasises how positively the society views the rest of 2013.

In response, Peter Cakebread, managing director at Marshall Leasing, commented: ‘This is certainly a case of there being two sides to the story. From one perspective it is of course very good news. But looking at the situation from the other side – from the point of view of those who rely on the second-hand market when refreshing fleet stock – it becomes slightly concerning.

‘A rise in registrations heralds a potential increase in the number of vehicles entering the used car market in a few years' time, and that could have a negative impact on fleet providers. As the continued strengthening of the UK market serves to make us an even more attractive prospect for the manufacturers on the Continent, the situation is certainly one to watch for fleet providers. It will be interesting to see how the story unfolds.’