10 December 2015
New figures released today by the Finance & Leasing Association (FLA) show that the point-of-sale consumer new car finance market saw new business growth of 6% by volume and 13% by value in October, compared with the same month last year.
The percentage of private new car sales financed by FLA members through dealerships reached 80.1% in the twelve months to October, up from 79.6% in the twelve months to September.
The point-of-sale consumer used car finance market also reported new business growth in October, of 7% by volume and 10% by value.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Point-of-sale consumer car finance volumes have grown by 8% so far in 2015. The FLA’s Q4 2015 Retail Motor Finance Survey shows that member companies expect further single-digit new business growth in 2016 in both the new and used car finance markets.”
Table 1: Cars bought on finance by consumers through dealerships |
||||||
New business |
Oct 2015 |
% change on prev. year |
3 months to Oct 2015 |
% change on prev. year |
12 months to Oct 2015 |
% change on prev. year |
New cars |
||||||
Value of advances (£m) |
1,249 |
+13 |
4,627 |
+15 |
15,738 |
+14 |
Number of cars |
75,264 |
+6 |
279,370 |
+8 |
961,523 |
+9 |
Used cars |
||||||
Value of advances (£m) |
1,047 |
+10 |
3,083 |
+11 |
11,774 |
+12 |
Number of cars |
97,522 |
+7 |
289,449 |
+8 |
1,119,590 |
+8 |
Table 2: Cars bought on finance by businesses |
||||||
New business |
Oct 2015 |
% change on prev. year |
3 months to Oct 2015 |
% change on prev. year |
12 months to Oct 2015 |
% change on prev. year |
New cars |
||||||
Number of cars |
49,727 |
+4 |
127,694 |
-1 |
510,810 |
+6 |
Used cars |
||||||
Number of cars |
3,146 |
-3 |
9,113 |
-7 |
38,314 |
-10 |
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.