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March 1, 2010

SPAIN: Car sales leap 47%

ves pushed new car sales up an annual 47% to 91,281 in February, the sixth consecutive monthly increase, Spain's car manufacturers' association ANFAC reported.

Incentives pushed new car sales up an annual 47% to 91,281 in February, the sixth consecutive monthly increase, Spain’s car manufacturers’ association ANFAC reported.

Sales in February 2009 were just 62,107.

In January, new car sales rose 18.1% to 70,130 units, bringing total sales during the first two months of the year to 161,411, a 32.9% increase over the same year-ago period.

New car sales in Spain fell 17.9% last year following a record drop in 2008 when they plummeted 28% as the country’s worst recession in decades caused consumers to curb spending.

Madrid launched a subsidy for new car purchases of up to EUR2,000 euros (US$2,725) in mid-May but that ends in July when value-added tax will also be increased from 16% to 18%.

This has led ANFAC to predict new car sales will fall 18% during the second half of 2010 over the same period in 2009 and that total sales for the year will be similar to last year.

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