New figures released today by the Finance & Leasing Association (FLA) show the number of new cars bought by consumers on finance provided through dealerships grew by 15% in June, compared with June 2014 – the strongest growth seen this year.
The percentage of private new car sales financed by FLA members through dealerships in the twelve months to June 2015 increased to a new high of 78.1%.
Point-of-sale consumer used car finance volumes also continued to grow, increasing by 7% in June compared with June 2014, and by 9% in the twelve months to June 2015.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“As we forecast at the beginning of the year, point-of-sale consumer car finance volumes have continued to grow in 2015, but at a slower rate than in 2014. The first half of 2015 saw growth of 8% in new business volumes compared with 17% growth in the first half of 2014.”
| Table 1: Cars bought on finance by consumers through dealerships | ||||||
| New business | Jun 2015 | % change on prev. year |
3 months to Jun 2015 |
% change on prev. year |
12 months to Jun 2015 |
% change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 1,400 | +20 | 3,860 | +16 | 14,984 | +14 |
| Number of cars | 84,526 | +15 | 234,114 | +11 | 931,439 | +9 |
| Used cars | ||||||
| Value of advances (£m) | 1,040 | +14 | 3,070 | +13 | 11,324 | +14 |
| Number of cars | 97,616 | +7 | 291,553 | +8 | 1,090,152 | +9 |
| Table 2: Cars bought on finance by businesses | ||||||
| New business | Jun 2015 | % change on prev. year |
3 months to Jun 2015 |
% change on prev. year |
12 months to Jun 2015 |
% change on prev. year |
| New cars | ||||||
| Number of cars | 47,187 | +25 | 145,137 | +23 | 514,647 | +16 |
| Used cars | ||||||
| Number of cars | 2,846 | -23 | 9,408 | -19 | 39,591 | -17 |
