Consumer New Car Finance Volumes Up 3% in Q1

New figures released today by the Finance & Leasing Association (FLA) show new business in the point of sale (POS) consumer new car finance market grew 13% by value and 5% by volume in March. This is compared with the same month in 2016. In Q1 2017, new business increased 10% by value and 3% by volume, compared with the same quarter in 2016.

86.5% of private new car sales were financed by FLA members through POS. That’s unchanged compared with the same period to February.

The POS consumer used car finance market also reported new business growth in March of 17% by value and 11% by volume. In Q1 overall, new business was up 12% by value and 6% by volume.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“The first quarter of 2017 saw consumer car finance new business volumes increase in line with the industry’s expectations of single-digit growth for the year overall.

“The percentage of private new car sales financed by FLA members has remained steady at 86.5% since the beginning of 2017.”