Finance & Leasing Association (FLA) has confirmed that new business in the point of sale (POS) consumer car finance market grew 12% by value and 8% by volume in 2016.
The FLA also showed growth in its members’ share of the market with the percentage of private new car sales financed by FLA members through the POS reached 86.6% in 2016, up from 81.4% in 2015.
The POS consumer used car finance market reported new business growth in December of 7% by value and 2% by volume. In 2016 as a whole, new business grew 12% by value and 9% by volume.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:“The point of sale consumer car finance market reported another record year in 2016, with new business volumes reaching 2.3 million cars. Our latest confidence survey suggests broadly stable new business volumes in 2017.”
In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £41 billion of this total supported the purchase of new and used cars, including over 86% of private new car registrations.
Leave A Comment