Consumer new car finance volumes grew 21% in March compared to the same month in 2013, according to figures released today by the Finance & Leasing Association (FLA).
Overall, the first quarter of 2014 saw new car finance volumes up 23%, however, the penetration rate for March of 74.8% was down from the previous month’s record of 75.3%.
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March also saw the consumer used car finance market report its most solid growth rate so far in 2014, thanks to a 29% year-on-year increase, and used car finance volumes for the quarter were up 24%.
Geraldine Kilkelly, head of research and chief economist at the FLA, confirmed growth in the consumer motor finance market showed no signs of weakening in March.
She added: "Personal Contract Purchase remains the most popular finance option when consumers buy a new car from dealerships. It has also grown in popularity in the used car market, but the majority of used cars financed in the showroom are on hire purchase."
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