Car dealers enjoyed a good September, with
Finance and Leasing Association (FLA) statistics showing increases
in new and used car finance compared to September last year.
New car sales to consumers using dealer finance was up by 5
percent, following an almost 19 percent fall in September. Used car
finance continued its upward trend, by 6 percent.
New car sales to consumers using dealer
finance over the 12 months to September rose by 2.1 percent, from
47.5 percent in August to 49.6 percent.
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Despite the growth in the consumer market,
business usage of financing for cars dropped by 17 percent for new
cars, and by 4 percent for used cars.
FLA head of motor finance Paul Harrison said:
“The rise in the use of motor finance is great news in such an
uncertain and volatile economic climate. Over the year we have seen
ups and downs in the number of people using dealer finance for both
new and used cars, so it is encouraging to see a strong
performance. But we still have some concern about the business car
sector. Businesses are still cautious about investment and this is
likely to continue.”
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