New 65 Registration Plate Contributes To Robust Growth In Motor Finance
New figures released today by the Finance & Leasing Association (FLA) show that point-of-sale consumer new car finance was up 10% by volume and 16% by value in September, compared with the same month last year.
The percentage of private new car sales financed by FLA members through dealerships was 79.6% in the twelve months to September 2015 – another record high.
The point-of-sale consumer used car finance market also reported new business volumes up by 10% in September, while the value of new business increased by 13%.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“In September, the point-of-sale consumer car finance market has continued to grow in line with our expectations for 2015 as a whole. The range of finance products available to consumers through car dealerships has contributed to more than four years of consecutive monthly growth in new business volumes.”
| Table 1: Cars bought on finance by consumers through dealerships | ||||||
| New business | Sep 2015 | % change on prev. year | 3 months to Sep 2015 | % change on prev. year | 12 months to Sep 2015 | % change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 2,640 | +16 | 4,538 | +15 | 15,590 | +14 |
| Number of cars | 156,835 | +10 | 274,550 | +10 | 957,063 | +9 |
| Used cars | ||||||
| Value of advances (£m) | 1,082 | +13 | 3,120 | +13 | 11,682 | +13 |
| Number of cars | 101,018 | +10 | 294,249 | +9 | 1,113,325 | +8 |
| Table 2: Cars bought on finance by businesses | ||||||
| New business | Sep 2015 | % change on prev. year | 3 months to Sep 2015 | % change on prev. year | 12 months to Sep 2015 | % change on prev. year |
| New cars | ||||||
| Number of cars | 48,583 | +4 | 124,302 | -4 | 508,911 | +8 |
| Used cars | ||||||
| Number of cars | 4,013 | +13 | 8,935 | -12 | 38,395 | -15 |
Note to editors:
1. In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit, almost a third of total new consumer credit written in the UK last year. £32.7 billion of it supported the purchase of new and used cars, including over three-quarters of private new car registrations.
For media enquiries, please contact the FLA press office on 020 7420 9656.
Press release distributed by Pressat on behalf of Pressat Wire, on Thursday 5 November, 2015. For more information subscribe and follow https://pressat.co.uk/
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New 65 Registration Plate Contributes To Robust Growth In Motor Finance
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