Finance & Leasing Association7 September 2018
New figures released today by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes grew 6% in July, compared with the same month in 2017, while the value of new business increased by 11% over the same period.
The POS consumer new car finance market reported new business in July up 5% by volume and 10% by value, compared with the same month in 2017. The percentage of private new car sales financed by FLA members through the POS was 89.8% in the twelve months to July.
The POS consumer used car finance market reported new business in July up 6% by volume and 13% by value, compared with the same month in 2017.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The point of sale consumer car finance market reported new business volumes up by 4% in the first seven months of 2018, in line with expectations of modest single-digit growth in 2018 as a whole.”
| Table 1: Cars bought on finance by consumers through dealerships |
||||||
| New business |
Jul 2018 |
% change on prev. year |
3 months to Jul 2018 |
% change on prev. year |
12 months to Jul 2018 |
% change on prev. year |
| New cars |
||||||
| Value of advances (£m) |
1,376 |
+10 |
4,707 |
+11 |
19,602 |
+4 |
| Number of cars |
68,786 |
+5 |
230,414 |
+5 |
982,073 |
-5 |
| Used cars |
||||||
| Value of advances (£m) |
1,513 |
+13 |
4,524 |
+12 |
16,715 |
+13 |
| Number of cars |
125,153 |
+6 |
376,445 |
+6 |
1,420,591 |
+7 |
| Total cars |
||||||
| Value of advances (£m) |
2,889 |
+11 |
9,232 |
+11 |
36,317 |
+8 |
| Number of cars |
193,939 |
+6 |
606,859 |
+6 |
2,402,664 |
+2 |
| Table 2: Cars bought on finance by businesses |
||||||
| New business |
Jul 2018 |
% change on prev. year |
3 months to Jul 2018 |
% change on prev. year |
12 months to Jul 2018 |
% change on prev. year |
| New cars |
||||||
| Number of cars |
39,930 |
-14 |
121,447 |
-13 |
443,579 |
-8 |
| Used cars |
||||||
| Number of cars |
4,208 |
-45 |
13,664 |
-16 |
59,946 |
-1 |
Note to editors:
- In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2017. £44 billion of it supported the purchase of new and used cars, including over 88% of private new car registrations.
- For media enquiries, please contact the FLA press office on 020 7420 9656.
