Finance & Leasing Association12 May 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 13% by value and 5% by volume in March, compared with the same month in 2016. In Q1 2017, new business was up 10% by value and 3% by volume, compared with the same quarter in 2016.
The percentage of private new car sales financed by FLA members through the POS was 86.5% in the twelve months to March, unchanged compared with the same period to February.
The POS consumer used car finance market also reported new business growth in March of 17% by value and 11% by volume, while in Q1 overall, new business was up 12% by value and 6% by volume.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The first quarter of 2017 saw consumer car finance new business volumes increase in line with the industry’s expectations of single-digit growth for the year overall.
“The percentage of private new car sales financed by FLA members has remained steady at 86.5% since the beginning of 2017.”
| Table 1: Cars bought on finance by consumers through dealerships |
||||||
| New business |
Mar 2017 |
% change on prev. year |
3 months to Mar 2017 |
% change on prev. year |
12 months to Mar 2017 |
% change on prev. year |
| New cars |
||||||
| Value of advances (£m) |
3,623 |
+13 |
5,516 |
+10 |
18,601 |
+9 |
| Number of cars |
194,348 |
+5 |
305,406 |
+3 |
1,054,802 |
+4 |
| Used cars |
||||||
| Value of advances (£m) |
1,408 |
+17 |
3,866 |
+12 |
13,965 |
+11 |
| Number of cars |
125,179 |
+11 |
348,059 |
+6 |
1,274,553 |
+8 |
| Table 2: Cars bought on finance by businesses |
||||||
| New business |
Mar 2017 |
% change on prev. year |
3 months to Mar 2017 |
% change on prev. year |
12 months to Mar 2017 |
% change on prev. year |
| New cars |
||||||
| Number of cars |
58,201 |
-2 |
124,668 |
+1 |
506,398 |
-2 |
| Used cars |
||||||
| Number of cars |
4,671 |
+45 |
15,694 |
+73 |
53,474 |
+43 |
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.
- For media queries, please contact the FLA press office on 020 7420 9656.
