In The News
June Market Commentary
The June registrations are released this morning. Please find below market commentary from our Chairman Mike Jones.
The overall fall in registrations in June of 35% is a strong performance, given that showrooms were only allowed to reopen at the start of the month. The retail drop, at 19%, shows that customer demand was strong, with fleets and leasing companies taking longer to recommence ordering. Overall performance was further boosted by strong used cars sales, where sales for most retailers significantly outperformed 2019.
Being a quarter-end month, we would normally expect a sizeable level of tactical registrations to take place at the end of the month. This was undoubtedly significantly lower this year, making up over 10% less of the total for the month than was the case in the prior year as less than half the volume of vehicles registered in the last two days of the month in 2019 were registered in the last two days of June 2020.
Retailers and their brands are working hard to build demand in Q3 and we should see demand continue to rise as economic activity rises, particularly if the Chancellor delivers a much-needed boost to the sector in his mini-Budget on Wednesday.
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