CONSUMER CAR FINANCE CONTINUES TO GROW IN JULY
New figures released today by the Finance & Leasing Association (FLA) show that the point-of-sale (POS) consumer new car finance market grew 1% by value and 1% by volume in July, compared with the same month last year.
The percentage of private new car sales financed by FLA members through the POS reached 85.3% in the twelve months to July, up from 84.9% in the twelve months to June.
The POS consumer used car finance market also reported new business growth in July, of 2% by value and 1% by volume.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The performance of the POS consumer new and used car finance markets remains in line with our expectations for 2016 as a whole. The FLA’s Q3 2016 retail motor finance confidence survey suggests that new business levels will remain broadly stable over the next twelve months.”
| Table 1: Cars bought on finance by consumers through dealerships | ||||||
| New business | Jul 2016 | % change on prev. year | 3 months to Jul 2016 | % change on prev. year | 12 months to Jul 2016 | % change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 1,171 | +1 | 4,089 | +8 | 17,529 | +16 |
| Number of cars | 71,494 | +1 | 239,701 | +5 | 1,038,050 | +10 |
| Used cars | ||||||
| Value of advances (£m) | 1,110 | +2 | 3,438 | +10 | 12,984 | +13 |
| Number of cars | 103,554 | +1 | 318,610 | +8 | 1,213,908 | +10 |
| Table 2: Cars bought on finance by businesses | ||||||
| New business | Jul 2016 | % change on prev. year | 3 months to Jul 2016 | % change on prev. year | 12 months to Jul 2016 | % change on prev. year |
| New cars | ||||||
| Number of cars | 48,811 | +5 | 135,606 | -2 | 510,681 | 0 |
| Used cars | ||||||
| Number of cars | 4,134 | +39 | 13,122 | +43 | 41,286 | +6 |
Press release distributed by Pressat on behalf of Pressat Wire, on Thursday 8 September, 2016. For more information subscribe and follow https://pressat.co.uk/
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CONSUMER CAR FINANCE CONTINUES TO GROW IN JULY
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