CONSUMER CAR FINANCE CONTINUES TO GROW IN JULY





New figures released today by the Finance & Leasing Association (FLA) show that the point-of-sale (POS) consumer new car finance market grew 1% by value and 1% by volume in July, compared with the same month last year.

The percentage of private new car sales financed by FLA members through the POS reached 85.3% in the twelve months to July, up from 84.9% in the twelve months to June.

The POS consumer used car finance market also reported new business growth in July, of 2% by value and 1% by volume.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“The performance of the POS consumer new and used car finance markets remains in line with our expectations for 2016 as a whole. The FLA’s Q3 2016 retail motor finance confidence survey suggests that new business levels will remain broadly stable over the next twelve months.”

Table 1: Cars bought on finance by consumers through dealerships
New businessJul 2016% change on prev. year3 months to Jul 2016% change on prev. year12 months to Jul 2016% change on prev. year
New cars
Value of advances (£m)1,171+14,089+817,529+16
Number of cars71,494+1239,701+51,038,050+10
Used cars
Value of advances (£m)1,110+23,438+1012,984+13
Number of cars103,554+1318,610+81,213,908+10
Table 2: Cars bought on finance by businesses
New businessJul 2016% change on prev. year3 months to Jul 2016% change on prev. year12 months to Jul 2016% change on prev. year
New cars
Number of cars48,811+5135,606-2510,6810
Used cars
Number of cars4,134+3913,122+4341,286+6

Press release distributed by Pressat on behalf of Pressat Wire, on Thursday 8 September, 2016. For more information subscribe and follow http://www.pressat.co.uk/


Motoring
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Alison Lancaster
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CONSUMER CAR FINANCE CONTINUES TO GROW IN JULY