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Dealer motor finance still growing as 2011 drew to a close
November’s figures showed that dealer motor finance remained UK consumers’ first choice for new cars. The Finance & Leasing Association’s latest figures show that 61.5% of consumers buying a new car in the year to November used motor finance provided through dealers, almost ten percentage points up from November 2010.
Consumer demand for dealer finance led to growth of 6% in the number of new cars bought in November compared with November 2010, and a rise of 4% in used car sales over the same period.
Paul Harrison, Head of Motor Finance at the Finance & Leasing Association, commented:
"Our figures highlight just how important finance sold in dealerships has become in helping people to buy new and used cars. Showrooms are the first choice for buyers because of the range and flexibility of the products on offer.
"Looking forward to 2012, consumer confidence will be more important than ever to the performance of the car finance industry. But the secured nature of car finance means that lenders can continue to offer some of the best deals for people looking to buy or lease a car.”
Table 1: Cars bought on finance by consumers through dealerships
|
| Nov 2011 | % change on prev. year | 3 months to Nov 2011 | % change on prev. year | 12 months to Nov 2011 | % change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 539 | +11 | 2,237 | +12 | 6,753 | +3 |
| Number of cars | 38,360 | +6 | 164,827 | +7 | 510,696 | -1
|
| Used cars | ||||||
| Value of advances (£m) | 534 | +2 | 1,705 | +4 | 6,730 | +3 |
| Number of cars | 58,367 | +4 | 186,971 | +5 | 725,322 | +3
|
Table 2: Cars bought on finance by businesses
|
| Nov 2011 | % change on prev. year | 3 months to Nov 2011 | % change on prev. year | 12 months to Nov 2011 | % change on prev. year |
| New cars | ||||||
| Number of cars | 31,543
| +18 | 99,841 | +8 | 379,224 | -1 |
| Used cars | ||||||
| Number of cars | 2,895 | -2 | 8,848 | -5 | 40,207 | -18
|
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Note to editors:
The FLA is the leading trade association for the motor finance sector in the UK. In the last 12 months, FLA members provided £19.7 billion of motor finance to consumers and businesses and financed more than half of all private new car registrations in the UK.
For further media information, please contact:
Russell Hamblin-Boone, FLA
T: 020 7420 9656 E: russell.hamblin-boone@fla.org.uk M: 07810 374110
Helen Saxon, FLA
T: 020 7420 9664 E: helen.saxon@fla.org.uk M: 07918 766 993