NEW figures released by the Finance and Leasing Association (FLA) show that point of sale (POS) consumer new car finance business volumes grew by 1% in June, compared with the same month in 2017, while the value of new business was up by 9%.
The percentage of private new car sales financed by FLA members through the POS was 89.5% in the twelve months to June.
In the POS consumer used car finance market, new business was up 4% by volume and 11% by value in June, compared with the same month in 2017.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The point of sale consumer car finance market reported new business volumes up in the first half of 2018 by 4% compared with the same period in 2017. This was in line with expectations, with a modest fall in consumer new car finance volumes offset by single-digit new business growth in the consumer used car finance market.”
Table 1: Cars bought on finance by consumers through dealerships | ||||||
New business | Jun 2018 | % change on prev. year | 3 months to Jun 2018 | % change on prev. year | 12 months to Jun 2018 | % change on prev. year |
New cars | ||||||
Value of advances (£m) | 1,717 | +9 | 4,962 | +18 | 19,479 | +4 |
Number of cars | 83,470 | +1 | 243,495 | +12 | 978,713 | -6 |
Used cars | ||||||
Value of advances (£m) | 1,460 | +11 | 4,562 | +16 | 16,528 | +13 |
Number of cars | 119,903 | +4 | 383,302 | +10 | 1,412,991 | +7 |
Total cars | ||||||
Value of advances (£m) | 3,176 | +10 | 9,524 | +17 | 36,007 | +8 |
Number of cars | 203,373 | +3 | 626,797 | +11 | 2,391,704 | +2 |
Table 2: Cars bought on finance by businesses | ||||||
New business | Jun 2018 | % change on prev. year | 3 months to Jun 2018 | % change on prev. year | 12 months to Jun 2018 | % change on prev. year |
New cars | ||||||
Number of cars | 40,691 | -22 | 126,092 | -6 | 449,903 | -7 |
Used cars | ||||||
Number of cars | 5,087 | -4 | 13,615 | +17 | 63,428 | +11 |
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