Signs of sustainable recovery in motor industry

There are strong signs of a sustainable recovery within the Irish motoring sector, largely supported by the availability of competitive finance products such as PCP which have kept the industry alive through very difficult times, according to Volkswagen Group Ireland CEO, Lars Himmer.

However, he warned against complacency in a market that is vulnerable to external shocks and which depends on a continuing recovery in consumer confidence.

Volkswagen Bank is the leading player in the car finance sector in Ireland and it has delivered funding to almost 12,000 customers in the first half of 2015, an increase of over 50 per cent year-on-year.

Volkswagen Group Ireland brands now account for one in four new car sales in Ireland. Some 25.22% of all new cars registered in Ireland for the first half of the year came from Volkswagen Group Ireland brands. The industry has now seen its strongest first quarter for new car sales since 2008.

Head of Operations, at Volkswagen passenger cars, Paul Burke, commented: “Our dealers are seeing a strong resurgence in demand year to date and we are confident based on our product updates scheduled for the second half that our growth story can continue. Year to date this has been driven by strong demand for Ireland’s favourite car model, Golf, and the newly launched Passat which are delivering footfall in our dealerships nationwide. New models such as the new Touran will also deliver interest in the second half.”

Volkswagen passenger cars was the number one car brand in the first half of 2015 and now has 12.6 per cent market share year to date. The Golf remains the most popular car model in Ireland too, with just under 5% market share.

Commenting on performance, CEO Lars Himmer added: “We are encouraged by the recovery to date which is in part due to the investments that we have made with our dealer partners to improve the network and the customer experience across all of our brands. This work will continue and we now know the market will exceed the 100,000 mark for the first time since 2007.”

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