Finance on private new car sales at retail has grown for the
14th month in succession, accounting for 67.4% of
purchases, according to figures for May from the Finance &
Leasing Association (FLA).
Finance penetration in new car sales was up
from
66.6% last month and up from 56% in May 2011.
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Across new and used cars, £1.4bn was advanced
on 122,093 purchases over the month, putting figures in both
markets up year-on-year for the month, the previous three months
and the previous 12 months.
The biggest gains were in new vehicles where
the value of advances for May was up 44% year-on-year, to £758m,
and up 37% to just over £3bn for the March-May period.
Used cars,
the subject of an FLA seminar earlier this week, posted 69,709
cars bought on finance in May, up 12% on May 2011, worth £640m in
advances, up 7%.
Full statistics from the Finance &
Leasing Association and analysis will be published in the
July issue of
Motor Finance
magazine.
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By GlobalDatarichard.brown@vrlfinancialnews.com
