New business in the point of sale consumer new finance market fell by 2% in value and 7% in volume year-on-year in April, according to new figures from the Finance & Leasing Association.
The percentage of private new car sales financed by FLA members through the point of sale was 91% in the 12 months to April 2019. The used car finance market saw growth in the month, with a 4% increase in value and 1% in volume.
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Geraldine Kilkelly, head of research and chief economist at the FLA, said: “Trends in the point of sale consumer new finance market continued to reflect private new car sales. Subdued consumer confidence has also contributed to a slowdown in the point of sale consumer used finance market in recent months.
“However, new business volumes overall in the first four months of 2019 held steady compared with the same period in 2018.”
Earlier this year, the FLA launched its Specialist Automotive Finance programme in partnership with the London Institute of Banking and Finance. The FLA said the overhaul will come with an improved range of training options for dealership staff that will further increase the professionalism, skills and knowledge in the sector. Those who successfully pass their yearly SAF online test, will accrue study credits towards the Level 3 SAF Advanced qualification which is accredited by the Institute.
Adrian Dally, head of motor finance at the FLA, said: “Motor finance is the third largest market in the consumer credit sector, so the current level of scrutiny from regulators and the media should be considered the new normal.
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By GlobalData“Staff training is therefore more important than ever, and the new suite of SAF courses provides a training option for everyone, regardless of their level of experience. Now is the time to make sure that all customer-facing staff have the skills they need to help your business thrive.”
