Consumer car finance new business volumes fell by 5% in February 2023

Figures released by the FLA show consumer car finance new business volumes fell 5% in February 2023 compared with the same month in 2022.

New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in February 2023 by 5% compared with the same month in 2022.

The corresponding value of new business also fell by 5% over the same period. In the first two months of 2023, new business fell 5% by value and 3% by volume, compared with the same period in 2022.

The consumer new car finance market reported new business up 3% by value in February compared with the same month in 2022, while new business volumes held steady. In the first two months of 2023, new business volumes in this market were 6% lower than in the same period in 2022.

The consumer used car finance market reported a fall in new business of 8% by value and 6% by volume compared with the same month in 2022. In the first two months of 2023, new business volumes in this market decreased by 3% compared with the same period in 2022.

Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said:

“The consumer car finance market reported new business volumes only 3% lower in the first two months of 2023 than the same time last year, with single digit falls in both the consumer new and used car finance markets.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Motor Finance Online.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“While the economic outlook has improved, challenges remain for households and businesses as they deal with the impact of higher prices, taxes, and interest rates. We expect the consumer car finance market to report a fall in new business by value of around 6% in 2023 as a whole.”

Stellantis streamlines its European financing and leasing services