Consumer car finance market grows by 5% in July

Consumer car finance market grows by 5% in July

Posted 12 September, 2019 at 12:35

Author Mark Bradshaw on behalf of (IFM) Independent Forecourt Magazine


New figures released today by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes grew by 5% in July, compared with the same month in 2018, while the value of new business increased by 6% over the same period.

The POS consumer new car finance market reported new business in July up 1% by volume and 4% by value, compared with the same month in 2018. The percentage of private new car sales financed by FLA members through the POS was 91.2% in the twelve months to July.

The POS consumer used car finance market reported new business in July up 7% by volume and 8% by value, compared with the same month in 2018.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“In July, the point of sale consumer car finance market reported growth for the first time since February 2019.  New business volumes in the first seven months of 2019 held steady compared with the same period in 2018.

“The consumer used car finance market was the main driver of headline growth in July as new business volumes increased at their strongest rate since October 2018.”

Table 1: Cars bought on finance by consumers through the point of sale

New business

Jul 2019

% change on prev. year

3 months to Jul 2019

% change on prev. year

12 months to Jul 2019

% change on prev. year

New cars

Value of advances (£m)

1,432

+4

4,670

-1

19,347

-1

Number of cars

69,696

+1

223,734

-3

941,455

-4

Used cars

Value of advances (£m)

1,642

+8

4,672

+2

18,077

+7

Number of cars

134,464

+7

382,682

+1

1,474,684

+3

Total cars

Value of advances (£m)

3,074

+6

9,342

+1

37,424

+2

Number of cars

204,160

+5

606,416

-1

2,416,139

0

Table 2: Cars bought on finance by businesses

New business

Jul 2019

% change on prev. year

3 months to Jul 2019

% change on prev. year

12 months to Jul 2019

% change on prev. year

New cars

Number of cars

41,691

+11

116,146

0

399,179

-5

Used cars

Number of cars

3,985

+12

14,068

+13

61,481

+11

More from (IFM) Independent Forecourt Magazine

 Rising Chinese star to join 333 Racing Academy confirmed for Marrakesh rookie test
Press Release

Rising Chinese star to join 333 Racing Academy confirmed for Marra...

21 February 2020
More power for the updated Audi A4
Press Release

More power for the updated Audi A4

21 February 2020
Travel Sentiment For European Destinations On The Rise
Press Release

Travel Sentiment For European Destinations On The Rise

21 February 2020
C2A collaborates with Vector to enhance cybersecurity in vehicles
Press Release

C2A collaborates with Vector to enhance cybersecurity in vehicles

19 February 2020