New car sales soar by 29% in January

THE Irish motor trade has welcomed the first results of 2011 which saw new car sales soar by 29% in January to 21,078 vehicles.

Society of the Irish Motor Industry (SIMI) director general Alan Nolan said the increase of over 4,700 cars sold compared to the corresponding month in 2010 represented “an extremely promising start” and the total was ahead of the industry’s own projections.

Mr Nolan’s comments came as SIMI announced details of €6 billion fund for car loans in an initiative by credit unions to provide easier access to finance for motorists wishing to buy new or used cars.