The Finance & Leasing Association (FLA) has confirmed that new business volumes in the point of sale (POS) consumer new car finance market fell by 11% in September, compared with the same month in 2016.
Looking at Q3 2017 overall, new business was up 1% by value, but fell 9% by volume. When September is to compared to the same month in 2016 in terms of value the growth rate is flat. The used market yielded a healthy result in September 2017. The POS consumer used car finance was up 9% by value and 3% by volume, compared with the same month last year.
The Finance & Leasing Association’s members still maintain a remarkable market share, with the percentage of new car sales financed by FLA members through the POS stable at 86.0% in the twelve months to September. In 2016, FLA members provided £118 billion of new finance to UK businesses and households, £41 billion of this figure supported the purchase of new and used cars.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, commented, “The performance of the POS consumer new car finance market in September continued to reflect recent trends in private new car sales. Despite subdued consumer confidence, new business volumes in the POS consumer car finance market overall were stable in the first nine months of 2017, compared with the same period in 2016.”