According to figures released by the
Society of Motor Manufacturers and Traders, the UK
car industry is facing sever problems and is in its worst state
for over a decade. 2008 sales were found to be down 10 per cent on
2007, with December 2008 sales down 20 per cent on the same month
in 2007.
One of the leading experts on the UK
motor industry, Garel Rhys, emeritus professor at Cardiff
Business School, reportedly commented: The situation is truly
alarming, we are looking at a downturn unprecedented since the last
war. I think the figures are a harbinger of a truly dreadful year,
when sales could fall as low as 1.6 million.
Car companies are certainly already feeling the pinch, with
several
companies taking major hits. Right from luxury brands such as
Rolls-Royce and
Bentley through to
Nissan, jobs hang in the balance as the
car makers struggle to right themselves. As a result, the
car finance industry is also struggling.
