New figures released by the Finance & Leasing Association (FLA) show that the point-of-sale (POS) consumer new car finance market grew 17 per cent by value and 12 per cent by volume in April, compared with the same month last year.
The percentage of private new car sales financed by FLA members through the POS reached 83.6 per cent in the twelve months to April, up from 82.7 per cent in the twelve months to March. The POS consumer used car finance market also reported further new business growth in April of nine per cent by value and 8 per cent by volume.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “Growth in new business volumes reported by the POS consumer car finance market was relatively steady in April and in line with the industry’s expectations of achieving solid single-digit growth in 2016 as a whole.”
|Cars bought on finance by consumers through dealerships|
|% change on prev. year||3 months to Apr 2016||% change on prev. year||12 months to Apr 2016||% change on prev. year|
|Value of advances (£m)||1,456||+17||5,460||+18||17,215||+18|
|Number of cars||85,436||+12||321,189||+12||1,026,978||+12|
|Value of advances (£m)||1,163||+9||3,530||+13||12,663||+13|
|Number of cars||109,821||+8||332,188||+10||1,189,649||+10|