The Finance & Leasing Association (FLA)
has published healthy figures for October in the private car
finance market.
According to the FLA, aside from the number of
new cars sold on finance being down 2% in the 12 months to October
2011, compared to the previous 12 months, all other finance figures
were positive.
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The value of advances written in October 2011
for new cars was 16% up on the previous year, up 13% in the three
months to October, and up 2% in the 12 months to October.
The value of advances for used cars saw more
muted growth but was still up 6% in October 2011, compared to the
previous year, up 5% in the three months to October and up 4% in
the 12 months to October.
In the 12 months to October the total number
of new cars sold on finance was 508,112 while 723,197 used cars
were sold on finance, up 4% on the previous 12 months. In October
alone 42,544 new cars and 62,390 used cars were sold on finance,
both up 6% on the previous year.
In the three months to October, 152,677 new
cars were sold on finance, a 10% growth, year-on-year, but still
shy of 194,686 used cars sold on finance in the same period, 6% up
on the previous year.
richard.brown@vrlfinancialnews.com
