New figures released by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer new car finance market grew 9% by value and 3% by volume in September, compared with the same month last year. In Q3 2016 as a whole, new business was up 7% by value and 3% by volume.

The percentage of private new car sales financed by FLA members through the POS reached 86.2% in the twelve months to September, up from 85.5% in the twelve months to August. The POS consumer used car finance market also reported new business growth in September, of 8% by value and 5% by volume.

Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “The POS consumer car finance market continued to grow in line with expectations in September. This contributed to strong single-digit new business volumes growth of 9% in the first nine months of 2016.”

Table 1: Cars bought on finance by consumers through dealerships

 

 

New business

Sep 2016

% change on prev. year

3 months to Sep 2016

% change on prev. year

12 months to Sep 2016

% change on prev. year

New cars

 

 

 

 

 

 

Value of advances (£m)

2,871

+9

4,843

+7

17,824

+14

Number of cars

161,301

+3

282,288

+3

1,044,798

+9

Used cars

 

 

 

 

 

 

Value of advances (£m)

1,177

+8

3,476

+11

13,299

+13

Number of cars

107,263

+5

321,669

+9

1,238,682

+11

 

Table 2: Cars bought on finance by businesses

 

 

 

 

New business

Sep 2016

% change on prev. year

3 months to Sep 2016

% change on prev. year

12 months to Sep 2016

% change on prev. year

New cars

 

 

 

 

 

 

Number of cars

49,274

+1

127,421

+3

511,324

0

Used cars

 

 

 

 

 

 

Number of cars

4,016

0

11,449

+28

42,634

+11