10:52 am, October 17, 2016
NEW business in the point-of-sale (POS) consumer new car finance market grew nine per cent by value and five per cent by volume in August, compared with the same month last year.
The percentage of private new car sales financed by FLA members through the POS reached 85.5 per cent in the 12 months to August, up from 85.3 per cent in the 12 months to July.
The POS consumer used car finance market also reported new business growth in August, of 23 per cent by value and 21 per cent by volume.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘The growth reported by the POS consumer car finance market in August marked more than five years of consecutive monthly new business growth.
‘The performance of this market is in line with our expectations of strong single-digit new business growth in 2016 as a whole.’
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