Media comment – car sales and SMMT statistics (January)

05.02.2018

Commenting on the new vehicle sales statistics for January, Maxime LeMerle, Head of Insolvency and Sector Research at Euler Hermes, the world’s leading trade credit insurer, said:

 

European car sales reached the highest level in a decade topping the 15 million mark in 2017. Almost every market supported the robust performance except the UK automotive industry, which also faces a difficult year ahead.Together with a slowdown in production, we expect to see a six per cent drop in new vehicle registrations in the UK in 2018, driven mainly by uncertainty about Brexit, diesel taxation, air quality plans and also waning consumer confidence and spending power. The level of dealership financing is dropping and a growing number of drivers are turning to an increasingly cheap used-car market. All of which may impact the profitability of the sector.

 

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Media contacts:

Euler Hermes PR contact
Adrian Russell
+44 (0)20 7860 2728
adrian.russell@eulerhermes.com

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