1.2 Billion generated for the Exchequer with new car sales

Alan Nolan Director General SIMI In the first week of September, the Society of the Irish Motor Industry (SIMI) issued the official 162 car registrations for the month of August. Alan Nolan, Director General SIMI  brings us the key figures. New car registrations saw an increase of 14% (7,313) when compared to August 2015 (6,400). Total new car sales are up 19% (138,538) compared to the same period last year (116,195). Within the business sector commercial vehicles are continuing to perform well: Light Commercial Vehicles (LCV) up 11% (1,815 ) on the same month last year (1,642) and currently, year to date, are up 22% (24,545) overall. Heavy Goods Vehicle (HGV) registrations, are also up 49% for the month of August (251) 2016 when compared to August last year (169), with registrations up 41% year to date. Commenting on the figures,  SIMI Director General Alan Nolan said “The Motor Industry has been working hard to deliver the continuing level of growth in what has been a noticeably more difficult market since June. As we move toward the end of the 3rd quarter of the year, the Industry remains focused on business still to be done, with strong offers still available for consumers. In contrast with the era before the two-period registration system was introduced, when sales were all but finished in the first quarter, the interest in new vehicle sales now tends to carry to the end of the third quarter, but obviously at a lower rate. We believe the Industry is still on course to deliver close to 150,000 new car sales by the end of the year, indeed new car sales have already generated €1.2 Billion for the Exchequer in VRT and VAT receipts. Our Industry employs over 42,000 people at the present time nationwide.  It is crucial that the provisions in the forthcoming Budget for 2017 support rather than undermine the State’s tax revenues and employment across the sector. It is important that Budget 2017 contains measures that improve the position of both consumers and businesses. The potential for post-Brexit Sterling exchange rates to drain business away from the Irish domestic economy was highlighted by the increase of 76% in the number of Imported Used Cars in July.  Clearly the last thing we need at this stage is any further damaging tax increase in the forthcoming Budget. Suggestions of piece-meal increases on diesel fuel or indeed on Road Tax being considered, at a time when soaring insurance costs are already impacting, would be damaging and extremely ill-conceived. Our Industry, like the rest of the domestic economy, needs stability and as much certainty as is possible to support consumer and business confidence.  Given the concerns regarding Brexit, stability is essential in order to support a continuation of the recovery and progress of the past few years.” #MotorIndustry #Motors #SIMI