The selling rate for July stood at 13.1 mn units/year, not far off the June level, and LMC Automotive claims this continues to reflect generally improving economic conditions in the region. 

With the results from recent months, along with the news that a Greek exit of the Eurozone appears to have been averted (at least for now), LMC Automotive has increased its 2015 car market forecast for the region this month back to 12.9 mn units.

The German market was a particularly strong performer last month. The July selling rate climbed to nearly 3.5 mn units/year, the best selling rate since the scrappage‐incentive‐inflated months of 2009.

Two markets that continue on the road to recovery are Italy and Spain. In the case of Spain, LMC Automotive recorded an economy outperforming the Eurozone and the government scrappage scheme continue to provide support to car sales. Sales in Italy have been helped by generally improved consumer confidence from the start of the year, while the economy has finally come out of recession. 

Car registrations in France continued to grow last month; although the selling rate slowed in July, the three‐month average stood at 1.9 mn units/year, in line with our full year outlook. UK car registrations continued to climb last month, though this was mainly down to fleet sales — the selling rate slowed too, though the three‐month average for this market was still near 2.6 mn units/year.