New car sales fall for fifth month in a row
New car registrations declined for the fifth month in a row in July with a fall of 4.1% year-on-year according to the latest sales figures (5 Aug) from The Society of Motor Manufacturers and Traders (SMMT).
Consumers remain wary regarding the economic fallout from a no-deal Brexit and are pulling in their horns when it comes to big ticket purchases. This is creating a considerable headwind for quoted car dealerships including the embattled Pendragon (PDG), the unloved Lookers (LOOK) as well as Vertu Motors (VTU:AIM), Motorpoint (MOTR), Cambria Automobiles (CAMB:AIM) ] and Marshall Motor (MMH:AIM).
SMMT data showed 157,198 new vehicles left car showrooms during July, the lowest July market since 2012. Year-to-date in 2019, new car registrations are down 3.5% as economic and political uncertainty combine with consumer and business confusion over the direction of government policy on different fuel types.