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Car sales in Denmark jumped in 2011 despite the severely haemorrhage of its economy

Wednesday, 28 December 2011
2011 has been a bad year for consumption in Denmark, but at least one area in which the Danes have not kept their money is when they see a nice new car. The Danes have bought more cars than ever before.
A statement from Bilbasen, which reports new car registration in Denmark, shows that though the year is not yet over, it is expected that the auto industry has traded at least 165,000 new cars in 2011, just about 490,000 cars more. This shows a trade of 655,000 cars a year which is a record.

“The high sales of new cars also send used car business up at a very high level because there is virtually always a the possibility to change with the transaction, when the Danes buy a new, explains Morten Heuing, CEO of Bilbasen and DBA Cars.

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The December's celebrations at the country's car dealers, also reflect what has helped to drive the car sales up, companies are buying more. This means that companies have been extra busy this year.
Companies have bought about over 12 percent more new cars this year, while the private sector has bought about 11 percent more cars this year compared to 2010 levels.
Chief Analyst at the bank, SparNord Bank, Martin Lundholm calls the record both paradoxical and uplifting:

“Paradoxical because consumer sentiment in Denmark has fallen like a stone in 2011 from 16.2 in June to -1.9 in November. Historically, there has always been correlation between consumer confidence and car sales,” he said and continues:
“One can therefore fear that the high turnover in the car market does not keep into the New Year but will fall.”

The uplifting of the car sales shows that despite everything, there is some financial scope of the Danish economy.
“Many have postponed replacing their cars in the light of the financial crisis in 2008-09, but they have now turned on, and it has given a huge boost in revenue,” says Martin Lundholm.

The industry does not expect the same high sales figures in 2012. Both the Danish Automobile Dealers Association expects sales of between 130,000 and 140,000 new cars for next year.
By Scancomark.se Team



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