This month, the UK has built over one million cars, according to industry figures.This is the first time this has happened since July 2004, quoted by the Society of Motor Manufacturers and Traders (SMMT).
There has been an increased demand in UK car production in 2016 as British-built models are in demand across the world.The SMMT stated that July marked the 12th month in a row of growth for the car manufacturing industry which is great for British business.
SMMT stated 126,566 cars were built in the month, 7.6% ahead of the same period last year.For the seven months of the year to date, 1.02 million cars were made, a 12.3% improvement on 2015.
Over 75% of these cars were destined for the overseas market.
Mr Hawes said: “Manufacturers have invested billions to develop exciting new models and produce them competitively here in the UK.
“Future success will depend on continued new car demand and attracting the next wave of investment so Britain must demonstrate it remains competitive and open for business.”
What does this mean for the motor trade insurance market?
Here, at Todd & Cue we have different types of motor insurance. Firstly, Todd & Cue can supply Motor Trade insurance for any companies that deals with or handles cars as their job or part of their business.
Todd & Cue also offer motor fleet insurance for businesses that run a number of cars and/or commercial vehicles. Some benefits of arranging these cars under one insurance policy is that it can be cheaper and easier.