Finance & Leasing Association10 June 2016
New figures released today by the Finance & Leasing Association (FLA) show that the point-of-sale (POS) consumer new car finance market grew 17% by value and 12% by volume in April, compared with the same month last year.
The percentage of private new car sales financed by FLA members through the POS reached 83.6% in the twelve months to April, up from 82.7% in the twelve months to March.
The POS consumer used car finance market also reported further new business growth in April of 9% by value and 8% by volume.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Growth in new business volumes reported by the POS consumer car finance market was relatively steady in April and in line with the industry’s expectations of achieving solid single-digit growth in 2016 as a whole.”
| Table 1: Cars bought on finance by consumers through dealerships |
||||||
| New business |
Apr 2016 |
% change on prev. year |
3 months to Apr 2016 |
% change on prev. year |
12 months to Apr 2016 |
% change on prev. year |
| New cars |
||||||
| Value of advances (£m) |
1,456 |
+17 |
5,460 |
+18 |
17,215 |
+18 |
| Number of cars |
85,436 |
+12 |
321,189 |
+12 |
1,026,978 |
+12 |
| Used cars |
||||||
| Value of advances (£m) |
1,163 |
+9 |
3,530 |
+13 |
12,663 |
+13 |
| Number of cars |
109,821 |
+8 |
332,188 |
+10 |
1,189,649 |
+10 |
| Table 2: Cars bought on finance by businesses |
||||||
| New business |
Apr 2016 |
% change on prev. year |
3 months to Apr 2016 |
% change on prev. year |
12 months to Apr 2016 |
% change on prev. year |
| New cars |
||||||
| Number of cars |
51,182 |
-3 |
140,755 |
+4 |
513,931 |
+3 |
| Used cars |
||||||
| Number of cars |
2,983 |
-6 |
9,516 |
-10 |
37,312 |
-8 |
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.
