UK online broker Carfinance247 brokered over £136m in loans in 2015, a year-on-year increase of 149%.
The company said this was the result of a shift in the way UK car buyers fund their vehicles. According to Finance & Leasing Association (FLA) figures, 1,147,387 used cars were bought on finance. Carfinance247 said approximately 100,000 of these were funded by online brokers such as itself.
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Further evidence for the growing popularity of online shopping was provided by Experian, which found that visits to automotive industry related sites grew by 26% in 2015, while mobile traffic jumped by 50%.
Reg Rix, managing director of Carfinance247, said: "In just a short few years, online car finance sites have taken the market by storm, changing the way cars are funded forever."
"Our own figures clearly show a shift in sourcing car finance online, which reflects the industry as a whole, and this is only set to grow as online operators become slicker and offer exceptional customer service that betters the offline experience. It is also a clear indication that people are now comfortable using digital methods to search for and secure a car so we anticipate that this upward trend is set to be around for some time."
Looking ahead, the company said it expects business to double again in 2016.
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