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Retail registrations in the new car market fell in May for the second month in a row, although increased fleet demand saw the overall market continue to grow with a year on year increase of 2.5%, according to the SMMT.
The year to date market is 4.09% ahead of 2015 with 1.64 million cars registered (2015: 1.11 million).
The monthly total of 203,585 registrations was the biggest May market since 2002.
Retail registrations totalled 91,811 units, compared with 100,608 to fleets over 25 cars, a rise of 8.8% Registrations to small businesses running fewer than 25 cars fell 20.2% to 6,287 units.
Fleet accounted for 53.8% of the total market, while private slipped to 43.8% and business just 2.5%.
“The new car market in May remained high with compelling offers available on the latest vehicles, but the low growth is further evidence of the market cooling in the face of concerns around economic and political stability,” said SMMT chief executive Mike Hawes.
Whether this is the result of some buyers holding off until the current uncertainty is resolved or a sign of a more stable market for new cars remains to be seen.”