Richard Lowe, Head of Retail and Wholesale at Barclays Corporate comments:
“Last year we saw a rush of people buying cars ahead of the VAT increase in January 2011, so today’s drop in year on year figures should not come as a surprise.
“The drop is marginal and follows months of stability, bucking the trend of the wider economy. Our clients are reporting steady footfall, helped by positive incentives and discounts dealers and manufacturers are putting in place.
“2012 will be challenging as consumers continue to tighten their purse strings, but with businesses actively seeking out M&A opportunities, we are hopeful that the stability of recent months continues.”