New car sales and the levels of car manufacturing could signify the end of difficult times in the motor trade.
Birmingham, West Midlands (PRWEB UK) 29 January 2014
As the economy starts to pick up following tough trading conditions, those in the motor trade have welcomed this industry-wide boost. As new car sales increased by 11% in 2013 and car manufacturing is at its highest level since 2007, Tradesure, who provide insurance for car traders and service providers in the car industry, say things are improving, but there's still a way to go.
A recent report by Sky News showed that a total of 2,264,737 cars were registered in 2013. This was the highest number of new car registrations since the start of the recession.
In another positive turn of events, car manufacturing in the UK reached its highest level since 2007 according to the Society of Motor Manufacturers and Traders (SMMT).
“New car sales and the levels of car manufacturing could signify the end of difficult times in the motor trade. This is very positive news for businesses such as car dealerships and mechanics that depend on the car industry, as they will inevitably start to see an increase in sales and demand,” said Mark Wilkinson, Managing Director of Tradesure.
Cheap credit options and payment protection insurance compensation payouts have both contributed to consumers having the disposable income to buy new cars.
Duncan Aldred, Managing Director of Vauxhall Motors, commented on a recent Sky News report, that stated the PPI misselling fiasco has given families on average £3,000 each which, along with cheap finance options such as 5 years, 0% interest, they're able to purchase new cars.
According to the SMMT, car production in the UK increased by 3.1% in 2013 over the previous year. This was the highest volume of production since 2007. Increased demand from consumers and businesses has fuelled this growth in the industry and this in turn is lifting the UK’s overall economy,as more households make high ticket purchases.
“With this increase in new car sales and production, we foresee that the demand for insurance for the motor trade will increase. Independent car dealerships, vehicle providers and mechanics will see a growth in trade and in turn, are likely to hire more staff and expand into new areas of business, all of which will require specialist motor trade specific insurance products,” concluded Mark Wilkinson.
About Tradesure Insurance
Tradesure Insurance is one of the leading insurance providers in the UK. The company was established in 1965 and supplies vehicle insurance, motor trade insurance and personal insurance. Tradesure are experts in the field and have several exclusive schemes available from some of the top insurers. For any further enquiries visit http://www.tradesure-quote.co.uk.