Finance & Leasing Association10 March 2017
New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market grew 9% by value and 3% by volume in January, compared with the same month in 2016.
The percentage of private new car sales financed by FLA members through the POS was 86.5% in the twelve months to January, compared with 86.6% in the twelve months to December 2016.
The POS consumer used car finance market also reported new business growth in January of 15% by value and 9% by volume.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The performance of the point of sale consumer car finance market in January was in line with the industry’s expectations for 2017 overall, with modest growth in new car finance volumes and stronger single-digit growth in used car finance volumes.”
| Table 1: Cars bought on finance by consumers through dealerships |
||||||
| New business |
Jan 2017 |
% change on prev. year |
3 months to Jan 2017 |
% change on prev. year |
12 months to Jan 2017 |
% change on prev. year |
| New cars |
||||||
| Value of advances (£m) |
1,085 |
+9 |
3,606 |
+8 |
18,175 |
+11 |
| Number of cars |
61,650 |
+3 |
198,815 |
+1 |
1,046,811 |
+6 |
| Used cars |
||||||
| Value of advances (£m) |
1,261 |
+15 |
3,215 |
+11 |
13,727 |
+12 |
| Number of cars |
114,506 |
+9 |
287,166 |
+6 |
1,263,339 |
+9 |
| Table 2: Cars bought on finance by businesses |
||||||
| New business |
Jan 2017 |
% change on prev. year |
3 months to Jan 2017 |
% change on prev. year |
12 months to Jan 2017 |
% change on prev. year |
| New cars |
||||||
| Number of cars |
33,967 |
+1 |
106,947 |
+1 |
505,270 |
-1 |
| Used cars |
||||||
| Number of cars |
7,468 |
+195 |
17,547 |
+87 |
51,781 |
+35 |
Note to editors:
- In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2016. £41 billion of it supported the purchase of new and used cars, including over 86% of private new car registrations.
