A few years back, the car industry of UK was barely surviving. Some of the car companies in 2012 gave us the impression that it’s almost over for them. This time; however, the future is a little brighter.
Increase in Production
The car production of UK is back on track. A new car rolls from the line of the British car plant at a rate of approximately every 20 seconds; and their employee’s output reaches up to 11 vehicles annually. One factor that is considered to be the cause of this is that the increased number of car title loans being offered to the people.
According to the Office of National Statistics, their production in the last quarter has increased by 0.9% in comparison to 0.7% for the economy itself. And if this continues, the industry could break records by year 2017 with approximately 2 million cars manufactured in the UK every year.
It is not a surprise why the car industry is the main reason why the economy of UK has recovered. They have a typical turnover of approximately £55bn and a £12bn net value. Aside from that, the recovery isn’t only because of the sales of brand new cars, but also by the sales of used cars as well.
More than 80% of the cars manufactured in UK are being exported in countries where businesses are booming like in China. Car brands from the UK may give a luxurious impression. Note that the largest export sector is cars and their sales have increased in over 38 consecutive months in both international and domestic markets.
Behind UK’s Success
There are 3 major factors behind the success of the UK car industry: a sustained investment for the past 10 years, better car models, and more financing services like title loans are available.