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 |