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NewswireTODAY - /newswire/ -
Liverpool, Merseyside, United Kingdom, 2010/11/18 - Fleet and business markets in the automotive sector are set to continue their recovery, following a dramatic slump in 2010, according to Askaprice.
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Analysis by the UK car-buying website shows that business contract hire and fleet car registrations were at their lowest ebb in 2009.
Askaprice also found that the scrappage scheme did not affect the dip in these new-car sectors as had been suggested by various sources at the time, including the Association of Car Fleet Operators (ACFO).
The motor industry was at its lowest point generally in 2008. However fleet car registrations were not hit fully until 2009, when other sectors of the industry were recovering off the back of stimuli like the scrappage scheme.
As a result certain sections of the industry intimated that the scrappage scheme was the cause of this dip:
Julie Jenner, Chairman of ACFO said in 2009: “We fear that by only including new vehicles within the scrappage scheme, demand for ex-company cars and vans will suffer as consumers turn their attention to new cars to obtain the incentive. This will obviously hit residual values.”
Askaprice.com, however, has says the fleet car registration slump was a result of the general economic climate of 2008 and 2009.
The new-car website says that in 2009 the car market was oversupplied, as few were in the position to buy. This translated into a drop in residual values on fleet cars coming back onto the market, meaning companies were reluctant to buy.
This market dynamic subsequently shifted in 2010, leading to a recovery in fleet and business markets.
“Car manufacturers were unable to continue their rates of production because nobody was buying so in 2010 there were less cars available and their residual values began to recover.”
Askaprice.com’s data is supported by that of the Society of Motor Manufacturers and Traders (SMMT).
According to SMMT fleet registrations in 2010 (year-to-date) sit at 839,798 – an increase of 11.1 per cent on the same period in 2009.
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Agency / Source: AskaPrice.com
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Contact: Robin Brown - AskaPrice.com
+44(0)15 1243 1050  robin.brown[.]autocontent.co.uk
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