We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

UK new car registrations up 5.3% in 2012


Ford's Fiesta and Focus models led the market

Article comments

UK registrations of new cars rose to 2.04 million in 2012, an annualised rise of 5.3 percent according to the Society of Motor Manufacturers and Traders (SMMT).

In a statement on Monday, the automobile industry body said the rise in sales figures was the highest on record since 2008. Additionally, the 2012 growth rate was the fastest in 11 years, bolstered by a 12.9 percent rise in demand from private individuals, who bought 929,000 of the 2,044,609 units sold.

Additionally, the SMMT saw an annualised rise of 3.7 percent in car sales in December, following on from November’s annualised rise of 11.3 percent. However, the market remained 14.9 percent below its pre-recession peak in 2007, when 2.4 million cars were sold.

Ford Motor Company’s Fiesta and Focus, Vauxhall's Corsa and Astra and Volkswagen’s Golf were the bestselling car models in the UK for 2012 in that order.

"Offers and incentives and some buyers shifting from buying used to new cars could have contributed to the upturn," the SMMT said.

Howard Archer, chief UK economist at IHS Global Insight, said the resilience of private car sales in December gives a lift to hopes that consumers will spend a reasonable amount over the coming months.

"Despite the overall improvement in consumers’ purchasing power in 2012, the motor industry faces far from easy conditions at the start of 2013 with consumers still confronted by significant headwinds and businesses under pressure to contain costs," Archer told CFOWorld.

Richard Lowe, head of retail at Barclays, said auto manufacturers faced a tricky balancing act over 2013.

"December's figures wrapped up a positive year for the industry, which saw consumer demand driving sales. Consumers' pockets will continue to be squeezed…so manufacturers and dealers will have to be careful that supply does not outstrip demand," Lowe added.

Share:

Recommended Articles

Comments

UK new car registrations up 5.3% in 2012
Financial Planning

Could CFOs do more to boost shareholder value?

Could CFOs do more to boost shareholder value?

Working capital improvements start to pay off, but more could be donemore ..


Balfour rejects Carillion's "improved" £2bn merger bid

Balfour board says the offer does not address its two main concernsmore ..

Persimmon posts 57% rise in pretax profits

The FTSE100 housebuilder credits Help to Buy with encouraging growthmore ..

Inflation rate eases to 1.6% thanks to generous summer sales

Price drops in clothing and food biggest contributor to fall in inflationmore ..

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unansweredmore ..

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *