The Finance & Leasing Association (FLA) has reported that the point of sale (POS) consumer new car finance market fell 1% by value and 13% by volume in May 2017, compared with the same month in 2016.
The new FLA data confirmed the growth of the used car market during May 2017. The POS consumer used car finance market was up 12% by value and 7% by volume in May, compared with the same month in 2016.
FLA members maintained a 86.2% of the new car sales POS finance market in the twelve months to May, unchanged compared with the same period to April.Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:“Growth in the consumer car finance market has moderated in the first five months of 2017, with overall new business volumes flat compared with the same period last year.“This is in contrast with average new business growth of 13% annually over the last five years.”
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