UK Car Sales Hit 10 Year Record

New UK car sales had their strongest September in ten years, boosted by confidence in the economic recovery, the Society of Motor Manufacturers and Traders has said.

Sales reached 425,861, up 5.6% on the same time last year, and represented the 31st consecutive monthly increase.

Almost two million new cars have been sold so far this year – 9.1% up on the same period last year.

September is usually a busy month because of the new registration plate.

SMMT chief executive Mike Hawes said: “September’s strong performance underlined the continuing robustness of the UK new car market, particularly in the context of last September’s bumper volumes.

“Demand for the new 64-plate has been boosted by intensifying confidence in the UK economy, with consumers attracted by a wide range of exciting, increasingly fuel-efficient, new cars.”

However, he warned that the market was coming off the boil.

“In the months since March – which saw an 18% jump in registrations – the growth has shown signs of levelling off as the market starts to find its natural running rate,” Mr Hawes said.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza