Total credit financing and leasing business volumes at BMW Group grew by 11% to €123bn in 2016, according to the group’s annual results.

New business in the period rose by 9.3% year-on-year to €55.3bn in value. By volume, new credit and leasing business increased by 9.4% over the same period to represent 1.8m contracts.

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BMW saw credit financing rise by 11.1% year-on-year to represent 65.8% of total new business in financial services, up from 64.7% the year prior.

The share of financial services business going to leasing contracts declined to 34.2% of new business, even as leasing contracts rose by 6.2%.

BMW claimed that almost half, 49.6%, of new BMW Group vehicles were leased or financed by them in 2016, an increase of 3.3% year-on-year.

In the used market, the number of new contracts signed for BMW and Mini pre-owned vehicle financing and leasing increased 10.5% year on year to 361,928 contracts.

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The number of contracts with retail customers increased by 8.7% to 4.7m, due mostly to 18% growth

The countries which BMW operated banks in, Italy, Spain, Portugal, and France, saw contracts grow by 5.3%. Alphabet, the OEM’s fleet lessor, saw new contracts increase by 7% year-on-year in 2016, to a portfolio of 644,420 vehicles as of the end of the year 2016.