Finance & Leasing Association8 May 2015
Figures released today by the Finance & Leasing Association (FLA) show 10% growth in point-of-sale consumer new car finance volumes in March, compared with the same month a year earlier, and 6% growth in Q1 2015 overall.
The percentage of private new car sales financed through dealerships by FLA members reached a new high of 76.8% in the twelve months to March.
The point-of-sale consumer used car finance market also put in a good performance, with volumes up by 11% in March, and 8% in Q1 2015 as a whole.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Both consumer new and used car finance markets reported a strong end to the first quarter of 2015 and record levels of new business volumes in the twelve-month period to March.”
| Table 1: Cars bought on finance by consumers through dealerships |
||||||
| Mar 2015 |
% change on prev. year |
3 months to Mar 2015 |
% change on prev. year |
12 months to Mar 2015 |
% change on prev. year |
|
| New cars |
||||||
| Value of advances (£m) |
2,737 |
+15 |
4,200 |
+11 |
14,461 |
+13 |
| Number of cars |
167,852 |
+10 |
262,355 |
+6 |
908,875 |
+8 |
| Used cars |
||||||
| Value of advances (£m) |
1,108 |
+16 |
2,994 |
+12 |
10,964 |
+16 |
| Number of cars |
105,978 |
+11 |
290,667 |
+8 |
1,067,636 |
+10 |
| Table 2: Cars bought on finance by businesses |
||||||
| Mar 2015 |
% change on prev. year |
3 months to Mar 2015 |
% change on prev. year |
12 months to Mar 2015 |
% change on prev. year |
|
| New cars |
||||||
| Number of cars |
56,577 |
+13 |
116,395 |
+7 |
487,133 |
+9 |
| Used cars |
||||||
| Number of cars |
4,583 |
+41 |
10,576 |
-2 |
41,770 |
-16 |
Note to editors:
- In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK last year. £32.7 billion of it supported the purchase of new and used cars, including over three-quarters of private new car registrations.
