Latest figures released by the foreign exchange provider FEXCO Corporate Payments show that  spending on UK vehicle imports more than doubled in the first half of 2017 compared to 2016.

Analysis of 2,000 transactions, made through Fexco up to June 2017 show spending is 134% more than the previous year mainly due to a weak pound caused by the Brexit vote. It is estimated that import levels are currently running at some 7,500 vehicle per month.

David Lamb, head of dealing at Fexco Corporate Payments, commented, "The UK has a far greater supply of used cars but the cost and red tape involved in importing a UK-registered car into Ireland has traditionally put off all but professional or the most committed individual buyers. All that changed with the abrupt fall in the pound. One year on from the referendum, Irish car buyers, both individuals and garages, are queuing up to capitalise on sterling's weakness by importing cars from the UK."

This is of course having an impact on domestic car sales, with SIMI figures showing first half new registrations for 2017 10% down on the previous year.