FIGURES just released by the Finance & Leasing Association (FLA) show that the point-of-sale consumer new car finance market saw new business grow 27 per cent by value and 22 per cent by volume in February, compared with the same month last year.
The percentage of private new car sales financed by FLA members through the point-of-sale reached 81.9 per cent in the 12 months to February 2016, up from 81.7 per cent in the 12 months to January.
The point-of-sale consumer used car finance market also saw strong growth in February, with new business up 23 per cent by value and 18 per cent by volume.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘February saw the point-of-sale consumer new car finance market report its twelfth consecutive month of growth in new business volumes.
‘For the first time on record, annual new business volumes in this market surpassed the one million mark, with the majority of these purchased on finance secured against the car.’
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