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Fleets drive growth in October new car registrations

Date: 04 November 2016   |   Author: Daniel Puddicombe

Fleets once again drove the growth in the UK new car market, with company car registrations increasing by 4.2% in October compared with the same month last year, according to the latest figures from the SMMT.

Overall, 180,164 new cars were registered last month, 1.4% more than in October 2015. Year-to-date performance for the market is also ahead, by 2.5%, with 2,330,663 new cars registered since the start of 2016.

Fleets now make up 53.5% of the UK new car market, an increase on last year's majority of 52.1% in October 2015.

Alternatively fuelled vehicle registrations, such as electric cars and plug-in hybrids, rose by 12.4% year-on-year, and by 23.3% year-to-date.

According to figures released by the European Automotive Manufacturers' Association earlier this week, the UK registered more alternatively fuelled vehicles than any other European country in the third quarter of 2016.

"September's number plate change is always a hard act to follow so the market's growth in October, albeit moderate, is welcome news," said Mike Hawes, SMMT chief executive. "Low interest rates, affordable finance packages and a range of exciting new models helped attract buyers into showrooms and we now look to Government to ensure consumer and business confidence remains buoyant."