Looking at new figures and information released by the Finance & Leasing Association (FLA) show that the point-of-sale (POS) consumer new car finance market saw new business grow 10% by value and 5% by volume in June, compared with the same month last year. In the first half of 2016 overall, new business was up 16% by value and 11% by volume.
The percentage of private new car sales financed by FLA members through the POS reached 84.9% in the twelve months to June, up from 84.3% in the twelve months to May.
The POS consumer used car finance market also reported new business up 9% by value and 7% by volume in June. New business in the first half of 2016 grew 14% by value and 11% by volume.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The POS consumer car finance market reported a strong performance in the first half of 2016, with double-digit growth in both the new and used car finance markets. Despite modest contractions in private new car registrations in recent months, FLA members have continued to report growth in new business volumes.”
This is very encouraging for the car finance sector as well as the car market in general.