UK Reached Double Digit Increase in October Auto Sales image

UK’s October sales reached a double digit increase, bumping the target for this year to more than 2 million vehicles.

In October 121,252 cars were sold in the UK, an increase of 12% compared with the same period last year, despite the drop in demand caused by the European crisis. The Society of Motor Manufacturers and Traders has increased the full-year sales forecast from 1.97 million to more than 2 million units. Through October the auto market in Britain has increased 5% to 1.8 units, reaching growth in every month except February.

“Despite uncertainty in the European economy, the UK new car market continues to grow, with registrations rising more than 12 per cent in October to 151,252 units,” Paul Everitt, chief executive of the Society of Motor Manufacturers and Traders.

Although auto registrations fell 8% in the European Union, the UK increase is due to the private buyers, which helped car registrations increase 24%. New vehicle registrations by fleet customers increased 5%, while businesses reported 3% less vehicles compared with 2011. Analysts believe that the increase in sales could be because consumers confidence is boosted by the fall of the inflation and the improvement of the market.