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Financial News: UK Car Registrations Increase In March: SMMT

UK Car Registrations Increase In March: SMMT

04/06/2021 - 04:54:00 (RTTNews)

(RTTNews) - The UK car market logged its first 'growth' since August 2020, the Society of Motor Manufacturers and Traders, or SMMT, said Tuesday.

Registrations increased 11.5 percent year-on-year in March. The month represents the anniversary of the first lockdown in March 2020, when the pandemic brought Britain to a standstill and registrations plunged 44.4 percent.

Further, data showed that so far, 2021 has seen 58,032 fewer cars registered compared to January to March period last year, equivalent to a loss of GBP 1.8 billion in turnover during the first quarter.

"We know we will see record breaking growth next month given April 2020 was a washout, but a strong and sustainable market is possible if customers are attracted to the choice and competitive offer the industry is able to provide within the safest of showroom environments," Mike Hawes, SMMT chief executive, said.

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