Figures released today by the Finance & Leasing Association (FLA) show that consumer new car finance volumes were up by 21% in March compared with the same month in 2013, and by 23% in Q1 2014.
The percentage of private new car sales financed by FLA members in the twelve months to March 2014 was 74.8%.
The consumer used car finance market reported its strongest growth so far in 2014, with new business volumes 29% higher in March than the same month last year. As a result, volumes were up by 24% in Q1.
Geraldine Kilkelly, head of research and chief Economist at the FLA, said: “Growth in the consumer motor finance market showed no sign of weakening in March.
"Personal contract purchase remains the most popular finance option when consumers buy a new car from dealerships. It has also grown in popularity in the used car market, but the majority of used cars financed in the showroom are on hire purchase.”