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Financial News: UK Car Sales Log Record Fall In April:

UK Car Sales Log Record Fall In April: SMMT

05/05/2020 - 06:54:00 (RTTNews)

(RTTNews) - UK car market logged a record contraction in April as coronavirus crisis shuts showrooms, data published by the Society of Motor Manufacturers and Traders, or SMMT, showed Tuesday.

Car registrations declined 97.3 percent year-on-year in April. Only 4,321 new cars were registered in April with many deliveries to frontline workers and organizations.

This marked a record low for the new car market as the coronavirus pandemic forced the nation into lockdown for the entire month, with showrooms closed and car buyers housebound.

The SMMT downgraded its sales outlook for this year to 1.68 million. This puts the sector on course to record its worst performance since 1992's 1.59 million units and below the levels seen during the financial crisis.

Mike Hawes, SMMT chief executive, said, "With the UK's showrooms closed for the whole of April, the market's worst performance in living memory is hardly surprising."

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