The Finance & Leasing Association (FLA) has confirmed that new business volumes in the point of sale (POS) consumer new car finance market fell by 7% in October compared with the same month in 2016.
The value of the Point of sale finance trade in October 2017, however was up by 2% compared with the same month in 2016. The figures give an accuracte picture of the whole market as the percentage of private new car sales financed by FLA members through the POS was 86.1% in the twelve months to October.
The October used car market, saw POS consumer finance up 15% by value and 9% by volume, compared with the same month last year.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, commented, “Falls in new business volumes reported by the POS consumer new car finance market so far in 2017 have mirrored trends in private new car sales. FLA members’ penetration of this market has held steady at around 86%.“In 2017 as a whole, new business volumes in the POS consumer car finance market overall are expected to be around 2.3 million, a similar level to 2016.”
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