Finance & Leasing Association8 September 2016
New figures released today by the Finance & Leasing Association (FLA) show that the point-of-sale (POS) consumer new car finance market grew 1% by value and 1% by volume in July, compared with the same month last year.
The percentage of private new car sales financed by FLA members through the POS reached 85.3% in the twelve months to July, up from 84.9% in the twelve months to June.
The POS consumer used car finance market also reported new business growth in July, of 2% by value and 1% by volume.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The performance of the POS consumer new and used car finance markets remains in line with our expectations for 2016 as a whole. The FLA’s Q3 2016 retail motor finance confidence survey suggests that new business levels will remain broadly stable over the next twelve months.”
| Table 1: Cars bought on finance by consumers through dealerships |
||||||
| New business |
Jul 2016 |
% change on prev. year |
3 months to Jul 2016 |
% change on prev. year |
12 months to Jul 2016 |
% change on prev. year |
| New cars |
||||||
| Value of advances (£m) |
1,171 |
+1 |
4,089 |
+8 |
17,529 |
+16 |
| Number of cars |
71,494 |
+1 |
239,701 |
+5 |
1,038,050 |
+10 |
| Used cars |
||||||
| Value of advances (£m) |
1,110 |
+2 |
3,438 |
+10 |
12,984 |
+13 |
| Number of cars |
103,554 |
+1 |
318,610 |
+8 |
1,213,908 |
+10 |
| Table 2: Cars bought on finance by businesses |
||||||
| New business |
Jul 2016 |
% change on prev. year |
3 months to Jul 2016 |
% change on prev. year |
12 months to Jul 2016 |
% change on prev. year |
| New cars |
||||||
| Number of cars |
48,811 |
+5 |
135,606 |
-2 |
510,681 |
0 |
| Used cars |
||||||
| Number of cars |
4,134 |
+39 |
13,122 |
+43 |
41,286 |
+6 |
Note to editors:
- In 2015, FLA members provided £110 billion of new finance to UK businesses and households. £81 billion of this was in the form of consumer credit, almost a third of total new consumer credit written in the UK in 2015. £37 billion of it supported the purchase of new and used cars, including over 80% of private new car registrations.
