It would appear that the green shoots exhibited by the Irish motor industry in 2013 have taken root and are here to stay as SIMI (Society of the Irish Motor Industry) reports that 2014 automobile registrations have already surpassed the entire of 2013 registrations.
As of 9 July, 74,911 new automobiles have been registered this year, a 28 per cent increase on the same period last year and 611 more than was managed up to 31 December, 2013.
Alan Nolan, Director General commented: "The second year of the July plate change has seen customers, both business and retail, become more comfortable with the dual plate concept. This, allied to improved consumer confidence and the increased availability of finance, has led to more showroom activity, which benefits customers, the trade and Exchequer finances. With the offers that are available for the month of July, it looks like it's going to be the busiest July for automobile sales for many years."
During the first week of the 142 registration period 9,207 new automobiles were registered, an increase of 79 per cent on last year.
Nolan continued: "The first day of the 142 plate was the best day for automobile sales in six years, since before the recession. We still need to see this improvement in context, though. It is still potentially fragile and even with the growth we have seen, we are still likely to finish around 60 per cent of the pre-recession market."
Next week SIMI will release its Second Quarter Motor Industry Review. The review, authored by Economist Jim Power, will examine these figures in depth along with detailing new jobs created in the sector, the counties that have seen the most growth along with analysing current trends in the industry for the second quarter of 2014.