Category: News Type

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Motor finance market makes positive start to 2018

21 March 2018
New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market increased 7% by volume and 13% by value in January, compared with the same month in 2017.
New business volumes in the POS consumer new car finance market fell by 4% compared with January 2017, while the value of new business increased by 4% over the same period.
The percentage of private new car sales financed by FLA members through the POS was 88.5% in the twelve months to January, compared with 88.2% in the twelve months to December 2017.
The POS consumer used car finance market reported new business in January up 13% by volume and 20% by value, compared with the same month in 2017.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“New business trends in the POS consumer car finance market continued in a similar vein to 2017. In the twelve months to January, overall new business volumes in this market held steady at almost 2.4 million.”
Table 1: Cars bought on finance by consumers through dealerships
New business
Jan 2018
% change on prev. year
3 months to Jan 2018
% change on prev. year
12 months to Jan 2018
% change on prev. year
New cars
Value of advances (£m)
1,167
+4
3,686
-1
18,840
+1
Number of cars
61,204
-4
186,674
-9
988,025
-7
Used cars
Value of advances (£m)
1,544
+20
3,785
+15
15,697
+12
Number of cars
131,870
+13
320,855
+10
1,372,597
+7
Total cars
Value of advances (£m)
2,711
+13
7,471
+6
34,537
+6
Number of cars
193,074
+7
507,529
+2
2,360,622
0
Table 2: Cars bought on finance by businesses
New business
Jan 2018
% change on prev. year
3 months to Jan 2018
% change on prev. year
12 months to Jan 2018
% change on prev. year
New cars
Number of cars
27,710
-13
88,945
-13
473,970
-3
Used cars
Number of cars
5,636
-31
15,319
-21
58,472
+4
Note to editors:
In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2017. £44 billion of it supported the purchase of new and used cars, including over 88% of private new car registrations.For media enquiries, please contact the FLA press office on 020 7420 9656.