Further growth in motor finance in March
New figures released today by the Finance & Leasing Association (FLA) show that the point-of-sale (POS) consumer new car finance market saw new business growth of 17% by value and 10% by volume in March, compared with the same month last year. In Q1 overall, new business was up 19% by value and 13% by volume.
The percentage of private new car sales financed by FLA members through dealerships reached 82.7% in the twelve months to March, up from 81.9% in the twelve months to February.
The POS consumer used car finance market also reported new business growth in March, of 8% by value and 6% by volume.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The POS consumer new and used car finance markets continued to grow in March, although at slower rates than reported in recent months. The performance of these markets in the first quarter of 2016 is slightly ahead of the single-digit growth expectations for 2016 as a whole.”