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New car finance sees 9% growth in August

New business in the point-of-sale consumer new car finance market grew 9% by value and 5% by volume in August, compared with the same month last year.

The Finance and Leasing Association’s (FLA) figures for the month show that the percentage of private new car sales financed by FLA members through the POS reached 85.5% in the twelve months to August, up from 85.3% in the twelve months to July.

The POS consumer used car finance market also reported new business growth in August, of 23% by value and 21% by volume.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The growth reported by the POS consumer car finance market in August marked more than five years of consecutive monthly new business growth.

“The performance of this market is in line with our expectations of strong single-digit new business growth in 2016 as a whole.”

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