The new car market rose for the eighth successive month in February, with the market up by 26.4% (68,686 units). Private buyers are leading the growth with the scrappage scheme accounting for 19.6%, however business fleet demand is also strengthening.

SMMT chief executive, Paul Everitt said,”Scrappage has generated eight consecutive months of growth in the new car market and we expect its benefits to stretch beyond the scheme’s closure later this month. Industry continues to face challenging market conditions, but positive trends in the fleet and business sectors suggest that negative impacts can be minimised. A clear and consistent approach to CO2 based taxation and improved access to affordable credit are essential elements in sustaining recovery in the new car market”.