Full-Year Car Sales Surge 11% in U.K.

New-car registrations in the U.K. climbed to a five-year high of 2.26 million units last year from 2.04 million in 2012, the Society of Motor Manufacturers and Traders reports.

December sales rose 24% to 152,900 units, marking the 22nd consecutive increase in year-on-year volumes. SMMT notes that last month's results secured the U.K. as Europe's second-largest market after Germany.

The trade group says demand in 2013 was driven by an aging fleet, attractive financing and consumer demand for new technologies. But it cautions that sales growth this year will slow to a "sustainable" 1% as buyers return to a more normal replacement cycle.