UK New Car Registrations Surge 11% in July
UK new car registrations rose 11.3 percent from a year earlier to 174,887 units in July 2020, as dealerships across the UK opened for their first full month of trading since February. This represents a significant improvement on the same month last year, when declining business and consumer confidence undermined the market. Private demand saw the most significant growth with a 20.4 percent increase in registrations, primarily a result of consumers finally being able to renew their cars after lockdown had forced them to delay. In addition, manufacturer incentives have helped attract customers to showrooms. Business car registrations showed modest growth, with fleet purchases increasing by 5.2 percent. Even so, more than 13,000 jobs have now been lost by UK Automotive across retail and manufacturing as a result of the pandemic, with more likely to follow given the scale of the challenges facing the sector, including shifts in technology, Brexit uncertainty and a depressed market.
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