8:57 am, March 10, 2014
CARS bought on dealer finance grew by 25 per cent in January compared to the same month last year, according to latest figures published by the Finance & Leasing Association (FLA).
On top of the impressive growth, consumer new and used car finance volumes grew by similar rates – up 24 per cent and 25 per cent respectively.
FLA members’ penetration of the private new car registrations market in the 12 months to January reached 74.5 per cent, equaling the previous peak reported in August 2013.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘Today’s figures reflect the latest FLA Motor Finance Confidence Survey for Q1 2014 that found motor finance providers remain optimistic about growth in 2014.
‘The majority of respondents expect retail motor finance for new and used cars to grow by up to 10% per cent over the next twelve months.’
