Point-of-sale (POS) consumer new car finance market grew 1% by value and 1% by volume in July, compared with the same month last year.

New figures released today by the Finance & Leasing Association (FLA) show the percentage of private new car sales financed by its members through point of sale reached 85.3% in the 12 months to July, up from 84.9% in the 12 months to June.

The POS consumer used car finance market also reported new business growth in July, of 2% by value and 1% by volume.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The performance of the POS consumer new and used car finance markets remains in line with our expectations for 2016 as a whole.

“The FLA’s Q3 2016 retail motor finance confidence survey suggests that new business levels will remain broadly stable over the next twelve months.”