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Consumer Car Finance Volumes Up 3% In Q1 2017

By Kyle Lindsay
Friday, May 12, 2017 - 16:30

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New figures released today by the Finance & Leasing Association (FLA) show that new business at the point of sale (POS) consumer new car finance market grew 13% by value and 5% by volume in March, compared with the same month in 2016. In Q1 2017, new business was up 10% by value and 3% by volume, compared with the same quarter in 2016.

The percentage of private new car sales financed by FLA members through the POS was 86.5% in the twelve 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% by value and 11% by volume, while in Q1 overall, new business was up 12% by value and 6% by volume.

Commenting on the figures, Geraldine Kilkelly, 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.”

Business Mar 2017 % prev year 3  months
Cars bought on finance by consumers through dealerships
New cars
Value of advances (£m) 3,623 +13  5,516
Number of cars 194,348 +5  305,406
Used cars 
Value of advances (£m) 1,408 +17  13,965
Number of cars 125,179 +11  1,274,553

 

Business Mar 2017 % prev year 3  months
Cars bought on finance by businesses
New cars
Value of advances (£m) 58,201 -2  124,668
Number of cars 4,671 +45 15,694

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