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Motor manufacturers urged to back dealers
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06/10/2008
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Motor manufacturers were today (6 October) called upon to help keep their main dealer partners profitable and adequately capitalised as new figures showed a big drop in new car registrations.
As the Society of Motor Manufacturers and Traders (SMMT) published new car registration figures showing a 20% fall for September, Barclays Commercial Bank’s head of motor trade Keith Parry said the retail motor market was facing the full impact of the current economic situation.
He said: “The trends seen earlier in the year continue to have an impact as the popularity of larger vehicles and 4x4s wanes and more cost effective fuel efficient vehicles fare significantly better, appealing to a more frugal public in the current economic climate."
"Key figures in the industry should keep cool heads, remain focussed and supportive. Manufacturers themselves must play their part too over the coming months to ensure that their main dealer partners remain profitable and adequately capitalised. A strong dealer network will remain critical to their future."
SMMT figures showed new car registrations falling 21.2% in September to 330,295 units. Year-to-date volume is down 7.5% to 1,794,419 units with diesel market share increasings to 42.8% in September, but with volumes falling.
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SMMT chief executive Paul Everitt said: “New car registrations have fallen for the fifth consecutive month and represent the most difficult economic conditions the industry has faced in 17 years. Government action is now needed to restore consumer confidence and boost demand in the real economy. The Chancellor's pre-budget report should set out a package of measures to boost demand for new fuel-efficient cars and scrap plans for unfair increases in car tax.”
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Author
Ken Hurst
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