The Finance & Leasing Association (FLA) has confirmed growth of 4% in consumer new car finance volumes during April, compared with the same month last year.
FLA data for the month of April 2014 shows that in new business volumes in the used car finance market was up 9% over the same period.There is little change in FLA members market share with the figure for the annual percentage of private new car sales financed by FLA members increasing by just .2%. In the 12 months to April 2014, it was 75.0%, up slightly from 74.8% in March.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA said: “April was a quieter month for the car finance market following a strong performance in March. Consumer car finance growth remained robust, with volumes 19% higher in the first four months of 2014 than in the same period last year.”
Kilkelly continued: “FLA motor finance providers are optimistic about future growth prospects. The Q2 2014 Retail Motor Finance Survey results showed that more than 60% of respondents expected new business growth in excess of 10% in each of the new car, used car and light commercial vehicle finance markets over the next year.”
In 2013 FLA members provided £27.5 billion in finance for the purchase of new and used cars, including almost three-quarters of private new car registrations.
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