The Finance and Leasing Association’s (FLA) finance transactions data for June have shown a 1% rise in the volume of point of sale (POS) consumer new car finance business for the period.
POS consumer new car finance business volumes grew to 83,470 vehicles in June while the value of new business was up by 9% during the period, to £1.72m
The period capped capped a 12-month period in which the value of advances received by FLA members rose by 8% to over £36m and volumes rose by 2% to 2.39m.
The FLA reported that the percentage of private new car sales financed by FLA members through the POS was 89.5% in the twelve months to June.
In the POS consumer used car finance market, new business was up 4% by volume and 11% by value in June, compared with the same month in 2017.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The point of sale consumer car finance market reported new business volumes up in the first half of 2018 by 4% compared with the same period in 2017.
“This was in line with expectations, with a modest fall in consumer new car finance volumes offset by single-digit new business growth in the consumer used car finance market.”