UK New Car Registrations Increase For Fourth Straight Month In October - SMMT

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UK new car registrations increased for the fourth consecutive month to 31.6% in October, a report by the Society of Motor Manufacturers and Traders or SMMT said on Thursday. This growth was mainly due to the Scrappage Incentive Scheme.

New car registrations totaled 168,942 units in October, larger than the 128,352 units recorded a year ago.

Paul Everitt, SMMT chief executive, reported, "October has seen this year's biggest monthly increase in registrations with the successful scrappage scheme accounting for over 20% of them."

Total new car registrations, on a year-to-date, dropped 12.3% to 1,685,981 units in October.

"Registrations are expected to continue to grow in the final two months of the year, ending 2009 at 1.928 million units, some 200,000 shy on 2008." SMMT said.

The growth in mini segment rose by 200% in October and the super mini segment was up 47.9%.

Registrations to private buyers almost doubled in October over a year ago, and it was up 3.3% on a year-to date volumes.

"We have seen additional demand created by the extension of the scheme and customers wanting to avoid the VAT increase planned for January." Paul Everitt said.

UK new car registrations increased for the fourth consecutive month to 31.6% in October, a report by the Society of Motor Manufacturers and Traders or SMMT said on Thursday. This growth was mainly due to the Scrappage Incentive Scheme. (Market News Provided by RTTNews)