17th December 2020

Classic Vehicle Industry and the UK Economy

Figures published this week spell great news for the health and the future of the classic car industry in the UK. In a report commissioned and published by HERO-ERA (Historic Endurance Rally Organisation – Endurance Rally Association), the findings of an in-depth, year-long study have proved to be a strong endorsement of the economic contribution by the classic car industry.

The independent report, carried out by the Centre for Business and Economic Research, has found that with an annual turnover of £18 Billion, and an annual Gross Value Add contribution to the UK economy of £9 Billion, the classic car industry as a whole is worth the same as the entire UK Arts and Creative sectors, or all UK Ports. More than just a hobby, classic cars have proved to be big business for the UK.

The industry has been rightly applauded for not being focused in any one particular geographical area of the UK, or confined to a particular age group. With just 5% of the revenues being generated in London, and with the majority of the industry being found to be in rural areas which might otherwise lack employment opportunities outside of farming, the classic sector is responsible for providing over 113,000 jobs to the UK job market.

Encouragingly and perhaps expectedly, the good news is that job satisfaction is high with old cars, with those in the crafting and fabrication trades associated with historic cars found to be in the top 8% for job satisfaction overall, only teachers and gardeners score more highly. The industry was praised for its attitude towards attracting the young through apprenticeships and youth engagement schemes, encouraging the next generation into the fold through skills provision and a proactive approach to the possible problems of recruitment.

Of particular note to Footman James as part of our ongoing support of regional and classic car clubs, is the finding that together, the owners and enthusiast clubs and organisations across the UK contribute £500 Million a year to the economy. This is yet more proof (should more ever be needed) of the huge importance of these grass-roots clubs to the community, and the economy as a whole.

This report can be seen as great news for the future of classic cars in the UK, coming as it does at the end of a year in which many classics have lain dormant and several events have had to be postponed. It underlines the huge value of the enthusiasm and knowledge that underpins the industry as a whole, and it shows that the classic car sector is well placed to seize the opportunities that the next year will surely have in store.

For the full report, please see this link: https://www.herostore.eu/historic-motoring-impact-study.html