New figures released by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer used car finance market grew 12% by value and 9% by volume in October, compared with the same month last year.

The POS consumer new car finance market also reported new business up 8% by value and 1% by volume in October.

The percentage of private new car sales financed by FLA members through the POS reached 86.3% in the twelve months to October, up from 86.2% in the twelve months to September.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “The performance of the POS consumer car finance market in recent months has been very much in line with industry expectations of broadly stable new business volumes in the new car sector, and single-digit growth in the used car sector.”

Table 1: Cars bought on finance by consumers through dealerships

 

 

New business

Oct 2016

% change on prev. year

3 months to Oct 2016

% change on prev. year

12 months to Oct 2016

% change on prev. year

New cars

 

 

 

 

 

 

Value of advances (£m)

1,350

+8

5,022

+9

17,924

+14

Number of cars

76,440

+1

287,234

+3

1,045,914

+9

Used cars

 

 

 

 

 

 

Value of advances (£m)

1,180

+12

3,546

+14

13,423

+13

Number of cars

107,449

+9

325,564

+12

1,247,770

+11

 

Table 2: Cars bought on finance by businesses

 

 

 

 

New business

Oct 2016

% change on prev. year

3 months to Oct 2016

% change on prev. year

12 months to Oct 2016

% change on prev. year

New cars

 

 

 

 

 

 

Number of cars

42,949

-14

121,548

-5

504,218

-1

Used cars

 

 

 

 

 

 

Number of cars

4,207

+30

11,524

+25

43,611

+14