New business in consumer car finance market rises by volume and value

New business in consumer car finance market rises by volume and value

LATEST figures from the Finance & Leasing Association show that new business in the point-of-sale consumer car finance market increased two per cent by volume and six per cent by value in February 2019 compared with the same month in 2018.

The percentage of private new car sales financed by FLA members through the point of sale (POS) was 91.1 in the 12 months to February – which was 0.1 of a percentage point lower than in the same period to January 2019.

The POS consumer used car finance market reported new business in February up two per cent by volume and seven per cent by value, compared with the same month in 2018.

FLA chief economist Geraldine Kilkelly, pictured, said: ‘The POS consumer car finance market reported further modest new business volumes growth in February, as consumer confidence remained subdued amid uncertainty about the outlook for the economy.

‘We continue to expect new business volumes in 2019 overall to be at a similar level to 2018 if there is a reduction in Brexit-related uncertainty.’

Source: Finance & Leasing Association

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