UK automotive businesses saw a 41.7% increase in insolvencies in July year on year with 51 businesses in administration.
According to the latest figures from Experian, the automotive sector saw 0.14% of its population fail during July. It was one of the few sectors to see insolvencies rise month on month and also year on year when compared to 0.11% in June 2012 and 0.10% in July 2011.
However, UK business insolvency fell overall in July down by 9.5% in July to 1,776 business failures across the UK.
The biggest improvements came from the UK’s largest companies, over 501 employees – from 0.15% last July to 0.08% this year - and also smaller firms with 11 to 25 employees – from 0.26% last July to 0.19% this year.
Max Firth, Experian Business Information Services UK and Ireland managing director, said: "Since March this year, when the insolvency rate peaked at 0.11%, it has remained fairly stable – between 0.08% and 0.09%.
"The lack of any real increase is clearly welcome and this picture is unlikely to change in the near future."