6 April 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 February, compared with the same month in 2017.
New business volumes in the POS consumer new car finance market fell by 2% compared with February 2017, while the value of new business increased by 9% over the same period.
The percentage of private new car sales financed by FLA members through the POS remained steady at 88.5% in the twelve months to February, unchanged on the same period to January 2018.
The POS consumer used car finance market reported new business in February up 11% by volume and 15% 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:
“The POS consumer car finance market reported steady single-digit growth in February. Demand from consumers for new car finance continued to reflect trends in private new car sales. POS consumer car finance new business volumes overall in the twelve months to February were 1% higher than in the same period in 2017 at 2.4 million.”
Table 1: Cars bought on finance by consumers through dealerships
New business
Feb 2018
% change on prev. year
3 months to Feb 2018
% change on prev. year
12 months to Feb 2018
% change on prev. year
New cars
Value of advances (£m)
923
+9
3,193
0
18,917
+2
Number of cars
50,765
-2
166,558
-7
987,020
-7
Used cars
Value of advances (£m)
1,410
+15
3,925
+15
15,884
+13
Number of cars
123,033
+11
336,391
+10
1,384,880
+7
Total cars
Value of advances (£m)
2,333
+13
7,118
+8
34,801
+7
Number of cars
173,798
+7
502,949
+3
2,371,900
+1
Table 2: Cars bought on finance by businesses
New business
Feb 2018
% change on prev. year
3 months to Feb 2018
% change on prev. year
12 months to Feb 2018
% change on prev. year
New cars
Number of cars
27,125
-10
83,626
-11
470,894
-3
Used cars
Number of cars
3,836
+2
13,164
-27
57,681
+2
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.
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SALES OF CARS AND LIGHT COMMERCIAL VEHICLES IN MARCH 2018
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Press Release No. 08/2018 – Vehicle registrations in March 2018
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2018
Car registrations by brand – March 2018
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February 2018 new car pre-registration figures
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Asset finance market rebounds in April
8 June 2018
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 7% in April, compared with the same month in 2017.
New business in the plant and machinery finance and business equipment finance sectors was up by 13% and 18% respectively, while commercial vehicle finance new business increased by 13% over the same period.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The recovery in asset finance new business in April was broad-based. The manufacturing, agricultural and construction equipment finance sectors each reported strong growth, with new business up by 61%, 35% and 27% respectively, compared with April 2017.”
Apr 2018
% change on prev. year
3 months to Apr
2018
% change on prev. year
12 months to Apr
2018
% change on prev. year
Total FLA asset finance (£m)
2,738
+7
8,068
-1
31,650
+3
Total excluding high value (£m)
2,554
+10
7,739
+1
30,019
+5
Data Extracts:By asset:
Plant and machinery finance (£m)
574
+13
1,717
+1
6,627
+8
Commercial vehicle finance (£m)
649
+13
1,981
+1
7,485
0
IT equipment finance (£m)
136
+14
501
-5
2,335
+4
Business equipment finance (£m)
206
+18
637
+3
2,617
+7
Car finance (£m)
891
+5
2,484
-1
9,396
+3
Aircraft, ships and rolling stock finance (£m)
15
-91
53
-83
289
-56
By channel:
Direct finance (£m)
1,259
+3
3,864
0
14,978
+2
Broker-introduced finance (£m)
525
+24
1,554
+9
5,823
+10
Sales finance (£m)
771
+14
2,321
-1
9,218
+6
By product:
Finance leasing (£m)
319
+11
987
+7
3,876
+6
Operating leasing (£m)
476
-20
1,584
-15
6,412
-5
Lease/Hire purchase (£m)
1,610
+16
4,591
+5
17,083
+6
Other finance (£m)
195
-15
662
-23
3,116
-7
Note to editors:
In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £32 billion of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.