Economic growth to bolster buoyant motorcycle market
LEADING vehicle finance provider, Close Brothers Motor Finance is predicting strong motorcycle sales throughout the next 12 months as the UK’s economic forecast continues to improve.
National Motorcycle Manager for Close Brothers Motor Finance, Chris Reid said: “The latest report from the MCIA* reveals that the motorcycle industry is a significant contributor to the UK economy, providing more than £2 billion annually and employing over 58,000 people.
“It now generates more for our economy than a number of key sectors including agriculture and forestry, and as motorcycle sales rise its role will only increase.
“There were 12 months of continual growth in new registrations in 2014, the highest increase for five years, while overall stocks of motorcycles have also risen**, and there is an equally optimistic outlook predicted throughout 2015 and 2016.
“This is great news for the industry as demand for motorcycles and associated products is steadily rising, having previously suffered during the financial downturn. The industry has proven to be resilient, adapting to survive in a challenging climate and as economic conditions improve the outlook appears positive,” added Chris.
The latest predictions from the International Monetary Fund suggest that the UK economy will grow by 2.7 per cent in 2015 and a further 2.3 per cent in 2016***.
“Broadly speaking, the motorcycle industry echoes what’s happening in the economy. There are parallels between the sales and stock levels of new bikes and the amount of disposable income and confidence among consumers.
Chris continued: “With consumer confidence now at a 12-year high†, it’s important that dealers are ready to respond to increased demand as it arises.
“That is why we are working closely with our dealer partners, helping them to grow their sales and add value to their business.
“Our dedicated motorcycle division understands the unique needs of the bike market including PCP, new legislation and customer requirements, and we’ll be on hand to support our dealers and ensure that they are able to reap the benefits.”
For more information about Close Brothers Motor Finance please visit www.closemotorfinance.co.uk