UK Car Registrations Decline In November: SMMT

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UK car registrations declined in November as showrooms were closed due to the new lockdown restrictions, the Society of Motor Manufacturers and Traders, or SMMT, said Friday.

New car registrations logged a double-digit fall of 27.4 percent on year in November. The industry reported 113,781 new registrations, taking trade back to levels last seen during the 2008 recession.

However, the lobby said the decline was less severe than that seen during the first lockdown, when sales plunged by a record 97.3 percent in April alone.

In the year-to-date period, car sales were down 30.7 percent from the same period last year.

According to SMMT, the sector has lost 663,761 units to date in 2020, which means that around 31,000 cars would need to be registered every working day in December if the market was to achieve the level expected at the start of the year.

“With GBP 1.3 billion worth of new car revenue lost in November alone, the importance of showroom trading to the UK economy is evident and we must ensure they remain open in any future Covid restrictions,” Mike Hawes, SMMT chief executive, said.

The material has been provided by InstaForex Company – www.instaforex.com

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