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Irish car dealers increased their spending on vehicles imported from the United Kingdom by one-fifth in the first half of 2018, compared to the same period in 2017.
The increase in spending is accelerated by the steady rise of the euro against the pound sterling, according to data from foreign exchange specialist Fexco
"Two years after the British vote to leave the EU, thousands of Irish buyers – says David Lamb, head of trading at Fexco,
Compared to the levels recorded in the first half of 2016 – before the vote of the UK on the departure of the EU: Combined spending by motorists and car dealerships in Ireland up by two-thirds
Cross-border car purchases also increased significantly, up 49pc in the first half of 2018 compared with the first half semester 2016, based on badysis of 3,000 transactions through Fexco Corporate Payments
Fexco data reflect official statistics compiled by the Society of the Irish Motor Industry.
During the first six months of 2018, it recorded 49,971 occasional imp cars coming from the United Kingdom, an increase of 12pc over the same period in 2017 and an increase of nearly two-thirds of the pre-referendum level observed in the first half of 2016.
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