The number of car imports from the UK continues to increase Stock Image

Irish car dealers increased their spending on vehicles imported from the UK by a fifth in the first half of 2018, when compared with the same period in 2017.

The increase in spending is being accelerated by the euro’s rise steady against the pound, according to data from foreign exchange specialist Fexco.

"Two years on from the UK’s vote to leave the EU, thousands of Irish car buyers – both individuals and garages – are still capitalising on the weak pound," David Lamb, head of dealing at Fexco, said.

When compared to the levels recorded in the first half of 2016 – before the UK’s vote to the leave the EU – the combined spend of individual motorists and Irish car dealers is up by two thirds.

Cross-border car purchases have also risen significantly, up 49pc in the first half of 2018 when compared with the first half of 2016, according to the analysis of 3,000 transactions made through Fexco Corporate Payments.

The Fexco data mirrors official statistics compiled by the Society of the Irish Motor Industry.

In the first six months of 2018 it registered 49,971 used cars imported from the UK, a 12pc increase on the same period in 2017, and an increase of almost two thirds on the pre-referendum level seen in the first half of 2016.

Online Editors