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New car finance market grows by 17% in March

The point-of-sale consumer new car finance market grew by 17% by value and 10% by volume in March, according to the Finance and Leasing Association (FLA).

The year-on-year figures come alongside Q1 performance which was up 19% by value and 13% by volume.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The POS consumer new and used car finance markets continued to grow in March, although at slower rates than reported in recent months.

“The performance of these markets in the first quarter of 2016 is slightly ahead of the single-digit growth expectations for 2016 as a whole.”

The percentage of private new car sales financed by FLA members through dealerships reached 82.7% in the twelve months to March, up from 81.9% in the twelve months to February, the FLA reported.

POS consumer used car finance business also saw growth in March, of 8% by value and 6% by volume.

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