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Car market growth continues to accelerate
Great news! New car sales are continuing to rise, according to figures from the Society of Motor Manufacturers and Traders (SMMT). It’s the 42nd consecutive month of growth – with new car registrations up nearly 10% in August.
Since the start of the year, new car sales have risen by almost 7% to over 1.6 million, with gains across the private, fleet and business markets. Good news all round for dealerships, so now’s the time to ensure you’re making the most of every opportunity.
Learn more about selling financial aftercare products by downloading our free and impartial Guide to Motoring Financial Aftercare.
What is driving the continued growth?
Growing confidence in the country’s economic recovery has helped fuel growing sales, as attractive finance deals and a diverse range of new vehicle models encourages buyers. Now September’s new 65-plate has become available, growth is very likely to continue.
In particular, the market for alternatively-fuelled vehicles has grown more than 50% since last year, maintaining a 2.4% share of the overall market.
For further detail on the SMMT car market growth figures click here.
Opportunities for financial aftercare products
The increase in new car sales creates opportunities for dealerships to sell more financial aftercare products. Not only do the products provide customers with peace of mind, increase satisfaction ratings and boost retention but they can also help increase revenue for your business.
See the links below for our series on the benefits of selling different aftercare products. Alternatively, sign up for our FREE Dealer Health Check to ensure you are doing everything you can for your customers.
- Benefits of selling GAP insurance correctly – here
- What are the benefits of selling MOT test cover? – here
- Advice on selling vehicle warranty – could you improve? – here
- What are the benefits of selling roadside assistance? – here
- What are the benefits of selling cosmetic, tyre and alloy cover? – here