Car sales in Western Europe are off to strong start in 2015, with January figures up 7.1 per cent year on year.
New data released by LMC Automotive shows that the Seasonally Adjusted Annualised Rate (SAAR) of sales for the West European car market was an impressive 12.4 million units. The increase, according to LMC, reflects the impact that improved economic conditions and lower oil prices are having in the region.
In terms of individual countries, all big national car markets also showed growth in January. The UK market has expanded for the 35th consecutive month - predominantly as a result of increased spending on business/fleet purchases at the start of the year, just-auto.com reports.
The car market selling rate in Germany grew by 2.6 per cent last month compared with the previous year, reaching a healthy 3.2 million units. It's only expected to improve as the year goes on, too. The Spanish car market, meanwhile, rose a whopping 27.5 per cent in January; a surge attributed to falling unemployment levels and government support of the Subsidies Program for Efficient Vehicles (PIVE) scrappage incentive scheme, autonews.com notes.
Summarising last month's results, LMC analyst Jonathon Poskitt said: "The Western European car market is off to a solid start. Consumer confidence in the region is, in general, improving and, with relatively low oil prices assumed to carry on for some time, the economic outlook looks a little brighter."