Vehicles are the largest source of CO2 emissions in Europe and there are record numbers of cars on the road. Despite this, The Society of Motor Manufacturer and Traders has reported in its Motorparc data set that the average CO2 emission is at an all-time low. A contributing factor is the rise in alternative fuelled or plug-in vehicle fleets, with almost 200,000 now on the road in the United Kingdom. China sold almost 800,000 electric and hybrid vehicles in 2017 and the US reported almost 400,000 hybrid and electric vehicles on the road in 2015. Recent figures show a worldwide figure of over 3 million.
New vehicles get the green light
As technology advances, the latest vehicles are becoming more efficient. Mike Hawes, the Chief Executive of SMMT, states that due to huge investment from vehicle manufacturers, the latest vehicles are the cleanest available and urges motorists to purchase new vehicles, whatever the fuel type. Although alternative fuel vehicles, or AFVs, were initially slow to take off in the UK, new figures show the opposite, with an increase of 30% in 2018. New buying trends often take years to forge a momentum.
This is good news for the motor industry, especially new car dealerships, as sales of new cars were last year predicted to be in decline. Despite some uncertainty, Close Brothers’ survey found 92% of motor dealers remain confident, an increase of almost 30% from their earlier survey.
Motor trade insurance
With so many changes and developments in the motor industry, now may be a good time to review your motor trade insurance policy to ensure you have the correct cover for your business. You can find an online motor trade insurance quote online and request assistance and guidance to ensure the risks to your business are reduced.
The Society of Motor Manufacturers and Traders is a large UK trade association, supporting over 800 automotive company members in the UK. They run seminars and exhibitions throughout the UK, and you can find further information about their upcoming events: https://www.smmt.co.uk/category/news/manufacturing/.
With the introduction of penalties for older cars and diesel engines, consumers are aware of their carbon footprintm and they’re taking the time to find out their vehicle’s emission rating. Motor traders are advised to keep a close eye on vehicles that may no longer be in favour with buyers.