“The decline in the retail market highlights the current lack of consumer confidence.” said Sue Robinson, Director of the RMI National Franchised Dealers Association (NFDA) which represents franchised car and commercial vehicle retailers across the UK, commenting on the SMMT’s new car registration figures.
New car sales figures, released today, show month on month sales were down 4.2% compared to November last year. Year to date sales are down 4.5% on a year ago. While fleet volumes were up 7.5% year to date, private registrations were down 15.7% year to date.
Sue Robinson continued “While the economy remains fragile and the European debt crisis continues to affect stability, consumer confidence remains very low. Many consumers are finding their finances very constrained due to inflationary pressure on house hold bills. Those who do have money to spare are putting off larger purchases until there are signs that the economy is starting on a road to recovery.
“In previous months the strong fleet market ensured the new car market remained stable. However we predict that new registrations in this sector will begin to fall and continue into 2012 as businesses have now caught up with their change cycle having delayed purchasing during 2009/10.
“The NFDA 2012 forecast for the new car market, in conjunction with Deloitte, suggests that the total number of new car registrations for next year will be in the region of 1.84 million.”
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.