Financing volumes and values rise in new and used sectors

Financing volumes and values rise in new and used sectors

LATEST figures from the Finance & Leasing Association show that new business volumes in the point-of-sale consumer new car finance market grew by nine per cent in August compared with the same month in 2017.

It also reported that the value of new business was up by 14 per cent over the same period.

The percentage of private new car sales financed by association members through the point of sale fell slightly to 89.6 per cent in the 12 months to August.

Meanwhile, the point-of-sale consumer used car finance market reported new business in August up nine per cent by volume and 15 per cent by value compared with the same month last year.

Geraldine Kilkelly, pictured, the association’s head of research and chief economist, said: ‘A boost to private new car sales in August ahead of changes to emission standards in September contributed to the increase in new business volumes reported by the point-of-sale consumer new car finance market.

‘In the first eight months of 2018, new business volumes in this market were at a similar level to the same period in 2017.

‘The average advance reported by the point-of-sale consumer car finance market in August was five per cent higher than in the same month in 2017, in line with growth in new and used car prices over the same period.’

MORE: Consumer car finance volumes rise by six per cent in July

MORE: Number of cars bought on finance by consumers rises in June

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