Finance & Leasing Association9 October 2015
New figures released today by the Finance & Leasing Association (FLA) show point-of-sale consumer new car finance was up 8% by volume and 11% by value in August, compared with the same month last year.
The percentage of private new car sales financed by FLA members through dealerships in the twelve months to August reached 78.9%, up from 78.7% in the twelve months to July.
Point-of-sale consumer used car finance also saw continued strong growth in August, up 7% by volume and 12% by value.
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 relatively robust growth in August, ahead of the introduction of the new 65 registration plate in September. We expect this growth to continue in the final quarter of 2015.”
| Table 1: Cars bought on finance by consumers through dealerships |
||||||
| New business |
Aug 2015 |
% change on prev. year |
3 months to Aug 2015 |
% change on prev. year |
12 months to Aug 2015 |
% change on prev. year |
| New cars |
||||||
| Value of advances (£m) |
738 |
+11 |
3,298 |
+17 |
15,227 |
+14 |
| Number of cars |
47,271 |
+8 |
202,241 |
+13 |
943,175 |
+10 |
| Used cars |
||||||
| Value of advances (£m) |
954 |
+12 |
3,078 |
+13 |
11,556 |
+14 |
| Number of cars |
90,909 |
+7 |
290,847 |
+8 |
1,104,265 |
+8 |
| Table 2: Cars bought on finance by businesses |
||||||
| New business |
Aug 2015 |
% change on prev. year |
3 months to Aug 2015 |
% change on prev. year |
12 months to Aug 2015 |
% change on prev. year |
| New cars |
||||||
| Number of cars |
29,200 |
-16 |
122,537 |
+1 |
506,606 |
+10 |
| Used cars |
||||||
| Number of cars |
1,900 |
-37 |
7,628 |
-26 |
37,790 |
-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, almost 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.
