People considering buying a new vehicle in the coming months could benefit from the cut in the interest rate as it could result in cheaper car loans.
The Retail Motor Industry Federation (RMIF) said the Bank of England's decision to reduce the rate from five per cent to 4.5 per cent was a positive one which should help to rebuild consumer confidence.
As well as the cut in the UK, the European Central Bank took similar action as did the central banks of Switzerland, Sweden, Canada and the USA.
Commenting on the decision, Sue Robinson, director of RMIF, said: "Consumers desperately needed this long-awaited move, along with other bank support measures put in place by government."
She added all of the moves made would be helpful to businesses struggling as a result of the credit crunch.
Earlier this year, the RMIF welcomed the introduction of the Motor Industry Code of Practice, which is designed to protect all customers including those taking out car loans.
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