Credit crunch fails to hit car sales
09 November 2007
The recent credit crunch, which has seen major banks adopt a more restrictive approach to lending, has failed to subdue the UK car market.
According to figures produced by motoring firm ACF, sales on the UK market exceeded 419,000 vehicles in September, a 1.3 per cent increase on the sales for August.
And the firm claims, despite the credit crunch still being in its infancy, that the car market could continue its modest prosperity.
A spokesperson for ACF said: "Despite predictions that the car sales would fall in light of the recent credit crunch, we have in fact seen a small increase in the market."
He added: "It's impossible to know what will happen over the next few months, and yes, car credit may be affected along with other forms of borrowing, but we're hopeful that the car retail industry will continue to prosper."
The figures are contrast to industry predictions that the increased cost of borrowing could lead to a decline in sales.
