Finance industry trade body, the Finance & Leasing Association (FLA) have released figures for October 2016 showing that the new business in the point-of-sale (POS) consumer used car finance market grew 12% by value and 9% by volume in October, compared with the same month last year.

The POS consumer new car finance market also reported new business up 8% by value and 1% by volume in October. The percentage of private new car sales financed by FLA members through the POS reached 86.3% in the twelve months to October, up from 86.2% in the twelve months to September.

Commenting, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said, “The performance of the POS consumer car finance market in recent months has been very much in line with industry expectations of broadly stable new business volumes in the new car sector, and single-digit growth in the used car sector.”