New car sales speed ahead

NEW car sales notched up a third consecutive month of growth in October, driven by businesses expanding their fleets.

Registrations climbed 26.3pc on the same time last year, according to the Society of Motor Manufacturers and Traders (SMMT), to 134,344. However, last October’s sales were particularly weak as manufacturers were struggling with chip shortages, which exaggerated the year-on-year growth.

And 2022 is still on course to be the weakest since 1982 for new car sales apart from the pandemic as the cost-of-living crisis dampens spending. Mike Hawes, chief executive of the SMMT, said: ‘A strong October is hugely welcome, albeit in comparison with a weak 2021, but it is still not enough to offset the damage done by the pandemic and subsequent supply shortages.’