Car Sales Hit Record High in U.K.

Registrations of new cars in the U.K. rose 2% to a record 469,700 units in September, according to the Society of Motor Manufacturers and Traders Ltd. Sales through the first nine months of 2016 expanded 3% to 2.15 million vehicles.

The trade group reports that last month’s growth was driven by a 7% year-on-year jump in fleet registrations. Sales to individuals dropped 2% to 223,800 cars.

SMMT cautions that fleet orders are placed many months in advance, and the industry's ability to maintain growth remains unclear. The group says success will hinge on the government's efforts to overcome uncertainty about the British vote to exit the European Union, the country's largest export market for cars.

Analysts worry that that last month’s dip in retail sales may indicate consumer caution about making major expenditures until the economic impact of Brexit becomes clearer.