Analysts from Cap HPI have briefed staff from the Bank of England on the current condition of the UK new and used car markets.

Cap HPI also provided the Brank with relevant data-sets and its analysis of the car market as part of the briefing which set out the record performance of new and used sales in recent years and discussed the relative stability of the market.

Senior editor of Black Book James Dower (pictured) said: “Given the importance of the UK motor industry to the UK economy it is understandable that the Bank of England is interested in our perspective on the sector.

“Finance is a key driver of new and used sales, and we explained how used values and forecasts are developed and set out the cautious approach of lenders in the sector.”

The brief was given to Will Holman from the Bank’s Yorkshire and Humber Agency and Alex Golledge from South East and East Anglia Agency who are in a network of regional representatives that serve as the ‘eyes and ears’ of the Bank.

The Bank is interested in consumer credit, including the car finance market, as recently covered in the Bank’s June 2017 financial stability report.