UK car market books 36th month of growth in February
The British car market continues to demonstrate health, registering its first ever 36-month period of consecutive growth, according to the Society of Motor Manufacturers and Traders.
The industry body said Britain's new car market grew 12% in February, with 76,958 cars registered.
That buoyancy has been underpinned by the rise of companies purchasing vehicles as business confidence improves across the country.
The SMMT said private market purchases increased by 3.4% last month, while fleet buyers registrations rose by 20%.
Registrations of fleet and business cars have outpaced the private market in February, reflecting the increased business confidence across the UK, said Mike Hawes, chief executive of SMMT.
“With most fleet car buyers on a three-year replacement cycle, many of those cars purchased at the beginning of the current growth period are now due for replacement,” said Hawes.
“Over the course of 2015, however, we are expecting a more stable market to emerge given there has already been an extended period of consistent growth,” he added.