The Scottish motor trade industry is booming, with February’s new car registrations jumping by 15.3%. The data comes from the Scottish Motor Trade Association (SMTA) and revealed that in just one month, a huge 5,775 new units were registered. This figure is over 15% higher than statistics from February 2014!
Scotland, King of Cars!
For Scotland, it wins the country the crown of the fastest growing region in the UK. It also marks a milestone event for the Scots, with the figure representing three consecutive years of growth for the motor trade industry. Douglas Robertson, chief executive of the SMTA says that it’s a big confidence boost for the motor trade sector, explaining “We are delighted with this increase in February after the slight fall in figures for last month.
Growth for all
From new car dealers to second hand traders, the new SMTA data is fantastic news. Scottish drivers are buying up big and the benefits extend to all market players, both big and small. As for the kingpins… According to the SMTA, Ford is the undisputed market leader, followed by Vauxhall, Volkswagen and Audi. Nissan, Fiat, BMW, Mercedes, Kia and Skoda bring up the rear as Scotland’s favourite wheels. For motor trade dealers wanting to make the most of the opportunity for extra sales, incorporating these manufacturers into an inventory could be a savvy strategy!
As well as cementing the stability of the motor trade industry, the willingness to spend cash on cars is a positive indicator for the Scottish economy as a whole. The success is expected to continue for the remainder of the year, although it may not be quite as extreme.
“February is traditionally a low volume month and we are pleased at the level of consumer confidence and look forward to seeing the increase continue in March. However, it is our belief that we will experience a levelling out over the rest of 2015,” says Robertson.
Of course, booming business is great for bank accounts but it also augments the importance of taking out comprehensive motor trade insurance. With more custom comes the increased risk of accidents, incidents and other unexpected costs. For total peace of mind in the face of a mushrooming customer base, motor trade insurance offering adequate protection for every asset is a must!