The 12-month rolling penetration rate of finance sold on the forecourt to customers hit 70.2% in October, up from 69.3% in September and marked the 19th successive month of month-on-month growth, according to the Finance & Leasing Association (FLA).
The total value of private new car finance, £837m, was up 45% year-on-year with total volume of new cars sold on volume, 60,173 units, up by 40%, although both totals were down from September’s rush to acquire the new registration plates.
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In used cars, £677m of finance was sold to customers acquiring 71,807 units, a year-on-year rise of 19% by value and 15% by volume.
With every month this calendar year recording a new rise in the 12-month rolling penetration rate, and every month since July setting a new record for the rate, Paul Harrison, head of motor finance at the FLA, said 2012 had been "a spectacular year for car finance."
Harrison added the FLA expected the penetration rate "to approach the 75% mark in 2013".
richard.brown@timetric.com
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