THE point-of-sale (POS) consumer new car finance market saw new business grow 10 per cent by value and five per cent by volume in June, compared with the same month last year.
In the first half of 2016 overall, new business was up 16 per cent by value and 11 per cent by volume, according to figures released today by the Finance and Leasing Association.
The percentage of private new car sales financed by FLA members through the POS reached 84.9 per cent in the 12 months to June, up from 84.3 per cent in the 12 months to May.
The POS consumer used car finance market also reported new business up nine per cent by value and seven per cent by volume in June. New business in the first half of 2016 grew 14 per cent by value and 11 per cent by volume.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘The POS consumer car finance market reported a strong performance in the first half of 2016, with double-digit growth in both the new and used car finance markets.
‘Despite modest contractions in private new car registrations in recent months, FLA members have continued to report growth in new business volumes.’
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