Finance & Leasing Association4 December 2014
New figures released today by the Finance & Leasing Association (FLA) show 14% growth in consumer new car finance volumes in October, compared with the same month last year, while consumer used car finance volumes grew by 9% over the same period.
The percentage of private new car sales financed through dealerships by FLA members reached a new record high of 75.9% in the twelve months to October.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The consumer new and used car finance markets have reported new business growth in each month so far in 2014. Both markets are heading for record years, with almost 2.0 million cars likely to be bought by consumers on finance provided through dealerships in 2014 as a whole.”
| Table 1: Cars bought on finance by consumers through dealerships |
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| Oct 2014 | % change on prev. year | 3 months to Oct 2014 | % change on prev. year | 12 months to Oct 2014 | % change on prev. year | |
| New Car | ||||||
| Value of advances (£m) | 1,102 | +17 | 4,043 | +15 | 13,876 | +18 |
| Number of cars | 70,868 | +14 | 257,729 | +12 | 888,695 | +13 |
| Used Cars | ||||||
| Value advances (£m) | 957 | +15 | 2,774 | +17 | 10,459 | +23 |
| Number of cars | 91,448 | +19 | 269,009 | +10 | 1,035,439 | +16 |
| Table 2: Cars bought on finance by businesses |
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| Oct 2014 | % change on prev. year | 3 months to Oct 2014 | % change on prev. year | 12 months to Oct 2014 | % change on prev. year | |
| New cars | ||||||
| Number of cars | 45,731 | +24 | 123,188 | +27 | 455,571 | +15 |
| Used cars | ||||||
| Number of cars | 3,218 | -39 | 9,498 | -14 | 40,823 | -34 |
Note to editors:
1. In 2013 FLA members provided £89.0 billion of new finance to UK businesses and households. £66.6 billion of this was in the form of consumer credit, almost a third of all unsecured lending in the UK. And £27.6 billion of it supported the purchase of new and used cars, including almost three-quarters of private new car registrations.
