New business volumes in the consumer car finance market grew 1276% year-on-year in April, according to the latest figures from the Finance and Leasing Association (FLA).

In the first four months of 2021, new business volumes were 13% higher than in the same period in 2020.

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In the new car finance market, new business volumes increased 2195% year-on-year in April, while the value of new business grew by 2370%. In the first four months of 2021, new business volumes in this market were 8% higher than in the same period in 2020.

The percentage of private new car sales financed by FLA members in the twelve months to April 2021 held relatively steady at 93%.

The consumer used car finance market reported new business volumes up by 1061% in April compared with the same month in 2020, while the value of new business grew by 1204%.  In the first four months of 2021, new business volumes in this market were 17% higher than in the same period in 2020.

Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The consumer car finance market received a boost in April as showrooms re-opened, with the significant growth rate also reflecting the all-time low level of new business recorded in April 2020 at the start of the first lockdown.

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“Pent-up demand and an improvement in consumer confidence are expected to contribute to a strong recovery during the second half of 2021, with our latest research suggesting that consumer car finance new business by value will grow by 19% in 2021 as a whole, and by a further 13% in 2022.”