Consumer new car finance grew 10% year-on-year to reach £5.52bn in Q1, according to the Finance and Leasing Association’s (FLA) results.
New business in new car finance rose by 3% in volume in Q1 to 305,406 cars. In the twelve months to March, 86.5% of private new car sales were financed by FLA members through the point of sale (POS).
Go deeper with GlobalData
In March, new car finance rose by 13% year-on-year to reach £3.62bn in value, and increased 5% by volume, to 194,348 cars financed.
The POS consumer used car finance market saw a 12% growth in new business to £3.87bn in value in Q1 2017, and an 11% year-on-year increase in volume to 348,059 cars over the same period.
In March, used car finance processed by FLA members increased by 17% year-on-year in Q1 to reach £1.41bn in value. In volume, 125,179 cars were sold in March 2017, an increase of 11% from last year’s figure.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The first quarter of 2017 saw consumer car finance new business volumes increase in line with the industry’s expectations of single-digit growth for the year overall.
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.
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“The percentage of private new car sales financed by FLA members has remained steady at 86.5% since the beginning of 2017.”
