11 January 2018
New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by 8% in November, compared with the same month in 2016, while the value of new business increased by 2% over the same period.
The percentage of private new car sales financed by FLA members through the POS was 85.9% in the twelve months to November, compared with 86.1% in the same period to October.
The POS consumer used car finance market reported new business in November up 16% by value and 10% by volume, compared with the same month in 2016.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The POS consumer car finance market remains on target to report new business volumes of 2.3 million in 2017 as a whole, a similar level to 2016.
“The performance of the POS consumer new car finance market in November continued to reflect trends in private new car sales. FLA members’ penetration of this market has held steady over the past year at around 86%.”
|
Table 1: Cars bought on finance by consumers through dealerships |
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|
New business |
Nov 2017 |
% change on prev. year |
3 months to Nov 2017 |
% change on prev. year |
12 months to Nov 2017 |
% change on prev. year |
|
New cars |
||||||
|
Value of advances (£m) |
1,385 |
+2 |
5,627 |
+1 |
18,413 |
+2 |
|
Number of cars |
69,287 |
-8 |
284,432 |
-9 |
974,049 |
-7 |
|
Used cars |
||||||
|
Value of advances (£m) |
1,237 |
+16 |
3,866 |
+13 |
15,003 |
+11 |
|
Number of cars |
104,683 |
+10 |
331,601 |
+7 |
1,322,786 |
+6 |
|
Table 2: Cars bought on finance by businesses |
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|
New business |
Nov 2017 |
% change on prev. year |
3 months to Nov 2017 |
% change on prev. year |
12 months to Nov 2017 |
% change on prev. year |
|
New cars |
||||||
|
Number of cars |
33,630 |
-17 |
121,649 |
-9 |
504,374 |
-1 |
|
Used cars |
||||||
|
Number of cars |
5,006 |
+1 |
13,395 |
-2 |
58,617 |
+24 |
Note to editors:
- In 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, over a third of total new consumer credit written in the UK in 2016. £41 billion of it supported the purchase of new and used cars, including over 86% of private new car registrations.
- For media enquiries, please contact the FLA press office on 020 7420 9656.