The latest figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market increased 7% by volume and 13% by value in February, compared with the same month in 2017.
New business volumes in the POS consumer new car finance market fell by 2% compared with February 2017, while the value of new business increased by 9% over the same period.
The percentage of private new car sales financed by FLA members through the POS remained steady at 88.5% in the twelve months to February, unchanged on the same period to January 2018.
The POS consumer used car finance market reported new business in February up 11% by volume and 15% by value, compared with the same month in 2017.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The POS consumer car finance market reported steady single-digit growth in February. Demand from consumers for new car finance continued to reflect trends in private new car sales. POS consumer car finance new business volumes overall in the twelve months to February were 1% higher than in the same period in 2017 at 2.4 million.”Excel motor finance summary
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