Finance & Leasing Association9 December 2016
New figures released today by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer used car finance market grew 12% by value and 9% by volume in October, compared with the same month last year.
The POS consumer new car finance market also reported new business up 8% by value and 1% by volume in October.
The percentage of private new car sales financed by FLA members through the POS reached 86.4% in the twelve months to October, up from 86.2% in the twelve months to September.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The performance of the POS consumer car finance market in recent months has been very much in line with industry expectations of broadly stable new business volumes in the new car sector, and single-digit growth in the used car sector.”
| Table 1: Cars bought on finance by consumers through dealerships |
||||||
| New business |
Oct 2016 |
% change on prev. year |
3 months to Oct 2016 |
% change on prev. year |
12 months to Oct 2016 |
% change on prev. year |
| New cars |
||||||
| Value of advances (£m) |
1,350 |
+8 |
5,022 |
+9 |
17,924 |
+14 |
| Number of cars |
76,440 |
+1 |
287,234 |
+3 |
1,045,914 |
+9 |
| Used cars |
||||||
| Value of advances (£m) |
1,180 |
+12 |
3,546 |
+14 |
13,423 |
+13 |
| Number of cars |
107,449 |
+9 |
325,564 |
+12 |
1,247,770 |
+11 |
| Table 2: Cars bought on finance by businesses |
||||||
| New business |
Oct 2016 |
% change on prev. year |
3 months to Oct 2016 |
% change on prev. year |
12 months to Oct 2016 |
% change on prev. year |
| New cars |
||||||
| Number of cars |
42,949 |
-14 |
121,548 |
-5 |
504,218 |
-1 |
| Used cars |
||||||
| Number of cars |
4,207 |
+30 |
11,524 |
+25 |
43,611 |
+14 |
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.
