Finance & Leasing Association10 October 2014
Steady growth in consumer new car finance market
New figures released today by the Finance & Leasing Association (FLA) show that the number of new cars financed through dealerships grew by 7% during August.
The percentage of private new car sales financed by FLA members held steady at 75.2% in the twelve months to August.
The consumer used car finance market reported 7% growth in new business volumes in August, the slowest rate of growth reported so far in 2014.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“August was a quieter month for the consumer motor finance market, ahead of the issue of the new number plate in September. We are expecting both the consumer new and used car finance markets to continue to grow in the final quarter of 2014.”
| Table 1: Cars bought on finance by consumers through dealerships |
|
|
||||
| Aug 2014 |
% change on prev. year |
3 months to Aug 2014 |
% change on prev. year |
12 months to Aug 2014 |
% change on prev. year |
|
| New cars |
|
|
|
|
|
|
| Value of advances (£m) |
661 |
+9 |
2,815 |
+12 |
13,403 |
+20 |
| Number of cars |
43,726 |
+7 |
179,140 |
+7 |
864,535 |
+14 |
| Used cars |
|
|
|
|
|
|
| Value of advances (£m) |
858 |
+13 |
2,703 |
+20 |
10,156 |
+25 |
| Number of cars |
85,314 |
+7 |
268,299 |
+14 |
1,016,415 |
+18 |
Table 2: Cars bought on finance by businesses
|
|
|
|
|
|||
| Aug 2014 |
% change on prev. year |
3 months to Aug 2014 |
% change on prev. year |
12 months to Aug 2014 |
% change on prev. year |
|
| New cars |
|
|
|
|
|
|
| Number of cars |
33,328 |
+30 |
114,987 |
+19 |
436,700 |
+10 |
| Used cars |
|
|
|
|
|
|
| Number of cars |
2,863 |
+22 |
9,800 |
-29 |
42,854 |
-34 |
Note to editors:
In 2013 FLA members provided £89.0 billion of new finance to UK businesses and households. £66.6 billion of this was in the form of consumer credit, almost a third of all unsecured lending in the UK. And £27.6 billion of it supported the purchase of new and used cars, including almost three-quarters of private new car registrations.
