9:55 am, May 15, 2017
LATEST figures from the Finance and Leasing Association show that new business in the point-of-sale consumer new car finance market grew 13 per cent by value and five per cent by volume in March, compared with the same month in 2016.
In the first quarter of 2017, new business was up 10 per cent by value and three per cent by volume, compared with the same three months in 2016.
The percentage of private new car sales financed by FLA members through the POS was 86.5 per cent in the 12 months to March, unchanged compared with the same period to February.
The POS consumer used car finance market also reported new business growth in March of 17 per cent by value and 11 per cent by volume, while in Q1 overall, new business was up 12 per cent by value and six per cent by volume.
Geraldine Kilkelly, pictured, head of research and chief economist at the FLA, said: ‘The first quarter of 2017 saw consumer car finance new business volumes increase in line with the industry’s expectations of single-digit growth for the year overall.
‘The percentage of private new car sales financed by FLA members has remained steady at 86.5% since the beginning of 2017.’
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