Point of sale consumer new car finance business grew 27% by value and 22% by volume year-on-year in February. New business on new car financing exceeded the one million mark for the first time, at 1,000,838 units.

Figures released by the Finance & Leasing Association (FLA) also show the percentage of private new car sales financed by FLA members through point-of-sale reached 81.9% in the 12 months to February 2016, up from 81.7% in the 12 months to January.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “February saw the point-of-sale consumer new car finance market report its 12th consecutive month of growth in new business volumes.

“For the first time on record, annual new business volumes in this market surpassed the one million mark, with the majority of these purchased on finance secured against the car.”

The point-of-sale consumer used car finance market also saw strong growth in February, with new business up 23% by value and 18% by volume.