Point of sale car finance sales are benefiting from the ‘continuing strength of consumer confidence’, comments FLA after sharp market growth in November.
Figures released by the Finance and Leasing Association (FLA) show that the point-of-sale consumer new car finance market saw new business growth of 17% by volume and 24% by value in November 2015, compared with the same month a year earlier.
The percentage of private new car sales financed by FLA members through dealerships reached 80.9% (33,539) in the twelve months to November, up from 80.1% in the twelve months to October.
The point-of-sale consumer used car finance market also saw strong growth in November, with new business up 18% by volume (to 90,115) and 22% by value (to £980 million).
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The growth in new business in November reflects the continuing strength of consumer confidence.
“The point-of-sale consumer car finance market is likely to report growth in new business volumes for 2015 as a whole of 9%, in line with expectations.”