7:59 am, January 13, 2023
Ongoing supply shortages helped push consumer car finance new business volumes to a six per cent fall in November versus the same month in 2021.
That’s according to latest figures from the Finance & Leasing Association, which added that the corresponding value of new business went down by five per cent.
But in the year to November, new business volumes were three per cent higher than in 2021.
The consumer new car finance market suffered a fall in new business of three per cent by value and nine per cent by volume in November compared with 2021.
In the 11 months to November, new business volumes in this market remained six per cent lower than in the same period in 2021.
Meanwhile, the consumer used car finance market reported a fall in new business of six per cent by value and five per cent by volume in November versus 2021.
In the year to November, though, new business volumes in this market were eight per cent higher than in the same period in 2021.
Geraldine Kilkelly, director of research and chief economist at the FLA, said: ‘The consumer new car finance market has reported lower new business volumes throughout much of the second half of 2022 as supply shortages continued to weigh on its recovery.
‘For the first time in more than a year the consumer used car finance market reported a fall in both the value and volume of new business.
‘Overall, the consumer car finance market is on track to report new business by value six per cent higher in 2022 than the 2019 level, while new business volumes in 2022 are expected to remain 11 per cent lower than pre-pandemic.’
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