“Consumer confidence continues to grow with the Confederation of British Industry (CBI) reporting an increase in high street retail sales of 0.1% during March” said Sue Robinson, Director of National Franchised Dealers Association (NFDA) which represents franchised car and commercial vehicle retailers across the UK.
Retail sales grew 4.2% in March compared to March 2013. Figures also increased in the first quarter of 2014 compared with the first quarter of 2013, by 3.8%. This continues a pattern of year-on-year growth since early 2013.
88% of motor traders reported sales volumes to be up on last year and just 9% said they were down giving a balance of +79%, which was 33% significantly above expectations.
Robinson continued “This growth in sales is reflected in the increase in new car sales in recent months with dealers reporting increased footfall in showrooms.
“Whilst new products and services offered by dealers and manufacturers during 2014 have in no doubt influenced many consumers to buy, the return of consumer confidence fuelled by the upturn in the economy is certainly a major factor”.
NOTES TO EDITORS:
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.