New car motor finance increased by 6% in volume year-on-year to 75,264 cars in October, according to figures released by the Finance & Leasing Association (FLA).
By value, finance increased by 13% over the same period, to £1,249m.
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These increases came despite October being the first month in a number of years where the new car market shrank year-on-year.
As a result, finance penetration continued to rise in the new car market. For the first time, penetration broke the 80% barrier for the twelve months to October, at 80.1%. In August, Geraldine Kilkelly, head of research and chief economist at the FLA, told Motor Finance that she wouldn’t be surprised to find penetration rates of over 80% by the end of the year.
Growth also continued in the used car market. A total of 97,522 used cars were sold on finance in October, up 7% compared to the same month in 2014.
The value of the finance grew 10% over the period, to £1,047m.
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By GlobalDataKillkelly said: "Point-of-sale consumer car finance volumes have grown by 8% so far in 2015. The FLA’s Q4 2015 Retail Motor Finance Survey shows that member companies expect further single-digit new business growth in 2016 in both the new and used car finance markets."
