The number of new cars sold on finance shrank 3% year-on-year in February to 41,534, according to figures released by the Finance & Leasing Association (FLA).
This was the second month in a row of year-on-year drops in the number of new cars sold on finance, after January also experienced a 3% fall. http://www.motorfinanceonline.com/news/fla-new-car-finance-fall-in-january-4526729/
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The total value of the advances remained static year-on-year, at £626m.
The general slowdown in the amount of finance sold for new cars was reflective of the private new car market, which only grew by 3.4% year-on-year in February, and actually shrank in January.
There was better news in the used car sector. The number of used cars bought on finance grew 9% year-on-year to 91,680, while the total value of the finance reached £940m in the month, up 13% year-on-year.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: "The point-of-sale consumer car finance market has reported growth each month for almost four years. The FLA’s Q1 2015 retail motor finance confidence survey shows that the majority of respondents expect single-digit growth in new business over the next twelve months."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
