Showroom finance sales for new cars rose by 12% in April, according to Finance & Leasing Association figures.
By value, the finance provided was 17% ahead of April 2015.
Penetration continues to rise, fuelled by PCP and PCH offers. The percentage of private new car sales financed by FLA members through the point of sale (POS) reached 83.6% in the twelve months to April, up from 82.7% in the twelve months to March.
The POS consumer used car finance market also reported further new business growth in April of 9% by value and 8% by volume.
Geraldine Kilkelly, head of Research and chief economist at the FLA, said: “Growth in new business volumes reported by the POS consumer car finance market was relatively steady in April and in line with the industry’s expectations of achieving solid single-digit growth in 2016 as a whole.”
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
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