The introduction of the new 54 number plate identifier is expected to generate around £5.7 billion worth of business in September.

The industry is anticipating another strong market with a forecast of 440,000 new cars registered for the month.

Christopher Macgowan, Society of Motor Manufacturers and Traders' chief Executive said, 'Despite recent increases in interest rates the UK economy continues to support a healthy new car market. The breadth of new models and competitive prices mean that there is a new car to suit every taste and budget.'

Since the industry moved to a twice yearly plate change September has typically taken the lion's share of annual registrations accounting for 17.7% of the total market. However, a March market of 466,955 units means that September is unlikely to exceed it.