8:08 am, April 7, 2014
THE number of new cars bought by consumers on finance through dealerships rose by 26 per cent in February.
Despite February usually being a slow month for new car sales, 2014 has bucked the trend with great offers tempting car buyers.
Figures released by the Finance & Leasing Association (FLA), also show a record breaking 75.3 per cent of private new car sales were funded by the FLA.
Paul Harrison, head of motor finance at the FLA, said: ‘February is usually a quieter sales month ahead of the new number plate release in March, but the figures imply that some very good deals tempted consumers into the showrooms.
‘For the first time, FLA members funded over 75 per cent of all private new car sales. Against that background, the new regulatory requirement for dealers and brokers to hold an interim permission, and then apply for FCA authorisation, will need to be carefully managed by the regulator if competition and the availability of responsibly-provided credit are to be maintained in this market.’
