Motor Finance highlights some of the key figures from the FLA and SMMT.
The latest figures released by the FLA show that the point of sale (POS) consumer car finance market fell by 1% in November, compared with the same month in 2017. Private new car sales financed by FLA members through the POS was 91.2%. The POS consumer used car finance market reported new business in November up 5% by value, while volumes remained at a similar level to the same month in 2017. Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The POS consumer car finance market is on course for single-digit new business volumes growth in 2018 as a whole, despite the quieter performance of the market in November.”
The UK new car market declined by -6.8% in 2018, with annual registrations falling for a second year to 2,367,147 units, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT). A -5.5% decline in December capped a turbulent year of model changes, regulatory upheaval and continued antidiesel policies, adding to the ongoing decline in consumer and business confidence.
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Mike Hawes, SMMT Chief Executive, said: “A second year of substantial decline is a major concern, as falling consumer confidence, confusing fiscal and policy messages and shortages due to regulatory changes have combined to create a highly turbulent market. The industry is facing evertougher environmental targets against a backdrop of political and economic uncertainty that is weakening demand so these figures should act as a wake-up call for policy makers.” Despite the overall decline in 2018, demand for new cars in the UK remains solid.