Finance industry trade body, the Finance & Leasing Association (FLA) have released figures for the point of sale (POS) consumer car finance market which show new business volumes were 2% down in February 2017 versus the same month last year, while the value of new business was up by 2% over the same period.
New business in the POS consumer new car finance market fell 3% by volume in February, while the value of new business was at a similar level to the same month in 2016. The percentage of private new car sales financed by FLA members through the POS was 86.5% in the twelve months to February, unchanged compared with the same period to January. New business in the POS consumer used car finance market fell 1% by volume in February, while the value of new business grew by 3%.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, commented by saying, “The point of sale consumer car finance market reported modest growth in new business volumes of 3% in the first two months of 2017. This is in line with the industry’s expectations of single-digit growth in the year overall.”
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