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PPI payouts help to boost UK new car industry

New car sales have reached their highest levels in over five years, according to figures from the Society of Motor Manufacturers and Traders (SMMT).

More than 400,000 new cars were sold in September and Mike Hawes, Chief Executive of the SMMT, claims part of this success is down to PPI payouts.

Mr Hawes told BBC Radio 5 live's Wake Up to Money: "PPI insurance payouts are giving people a nice cheque."

"It's not enough to put on a deposit for a house, but it's certainly enough to put a deposit on a new car."

  • 04 Oct 2013
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