The value and volume of motor finance sold through dealerships continued to grow in March, according to figures released by the Finance & Leasing Association (FLA).

The number of cars sold on finance in March was 184,546, 10% above the amount record in March 2015. The value of the advances grew 17% over the period, to £3.2bn.

Used car finance growth was slower, however. By volume, it grew by 6% year-on-year to 113,250 cars, while the value increased 8% to £1,206.

Private new car sales only grew 3.8%, according to figures released by the Society of Motor Manufacturers and Traders (SMMT). As a result, finance penetration grew to 82.7% for the twelve months to March.

Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said: "The POS consumer new and used car finance markets continued to grow in March, although at slower rates than reported in recent months. The performance of these markets in the first quarter of 2016 is slightly ahead of the single-digit growth expectations for 2016 as a whole."

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