According to the report from the Society of Motor Manufacturers and Traders (SMMT), the UK new car market recorded its first ‘growth’ since August 2020, with 29,280 more units registered during March compared to the same month last year. However, the month represents the anniversary of the first lockdown in March 2020, when the pandemic brought Britain to a standstill and registrations fell by -44.4%.

Compared with the 2010-2019 March average of 450,189, registrations were down -36.9%, with 283,964 units registered. So far, 2021 has seen 58,032 fewer cars registered compared to January to March last year, equivalent to a loss of £1.8 billion in turnover during the first quarter.

For the sector to return to its pre-pandemic levels, around 8,300 new cars will need to be registered every single trading day for the rest of the year. By comparison, the industry has averaged around 7,400 a day during the past decade and current levels are closer to 5,600 a day.

While overall registrations were slightly up compared to last year, growth came almost entirely from fleets, which saw a 28.7% increase in registrations. Retail consumer demand remained depressed, falling by -4.1% compared to March 2020 as showrooms remained closed for the duration of the month.