With 2019 a fast receding memory, the automotive industry is looking forward to a more balanced year, said Rupert Pontin, Director of Insight with Cazana business intelligence.
Despite a decline in new car registrations, many consider the 2.4% drop to have been a fairly good result given the backdrop of political, social and economic factors that challenged every sector of the industry and made planning and forecasting difficult whilst also pressuring margins harder than some had anticipated.
The drivers behind the 2019 performance were very clear, and concerns over Brexit and the performance of the government during the 12-month period were key to the overall economy and specifically, the industry performance.
If there is any consolation to be had, then it has to be recognition that the UK automotive sector out-performed other retail sectors. Where consumers fought shy of spending money on other big-ticket items, buying a replacement car whether new or used, appeared to be less of a concern to Joe Public.
This decision-making process was largely driven by enticing finance offers and the fact that many buyers whether private or fleet had been holding off changing their cars for some time and felt that they needed to make the change.