11:39 am, October 14, 2014
THE number of new cars financed through dealerships in August was seven per cent higher than in the same month last year.
According to figures just released by the Finance & Leasing Association (FLA), the percentage of private new car sales financed by FLA members held steady at 75.2 per cent in the 12 months to August.
The consumer used car finance market also reported seven per cent growth in new business volumes year-on-year in August, the slowest rate of growth reported so far in 2014.
Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said: ‘August was a quieter month for the consumer motor finance market, ahead of the issue of the new number plate in September.
‘We are expecting both the consumer new and used car finance markets to continue to grow in the final quarter of 2014.’
The total number of new cars bought on finance by consumers through dealerships in August 2014 was 43,726. And the amount of money advanced so the deals could be completed was £661 million.
