Friday, 19 April 2013

The Brightest Star in Europe for Car Sales is the UK.

John Leech, UK head of automotive at KPMG, has commented on the figures released by the European Automobile Manufacturers’ Association, showing that the number of cars sold in Europe fell by 9.8% in the quarter ending 31 March 2013, and by 10.2% during the month of March 2013. 

“There is no light at the end of the tunnel for car manufacturers, as car sales continue to freefall in Europe. Indeed 2013 is already shaping up to be the seventh straight year of falling car sales in Europe. The UK remains the only bright spot, enjoying increased sales of 5.9% in March; it also compares favourably to Germany, which saw sales drop by 17.1%, and France with a drop of 16.2%.

“The UK performance is even more remarkable given that the euro has weakened by 10% compared to sterling in the last six months, meaning that it is 10% less profitable for European car makers to sell cars in the UK compared to six months ago.  However, at the moment the UK is the only show in town for car makers who remain happy to support the UK market with discounts at historically high levels.”

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