The Finance & Leasing Association (FLA) has released new figures that show that the point-of-sale (POS) consumer new car finance market grew 1% by value and 1% by volume in July, compared with the same month last year.
The percentage of private new car sales financed by FLA members through the POS reached 85.3% in the twelve months to July, up from 84.9% in the twelve months to June.
The POS consumer used car finance market also reported new business growth in July, of 2% by value and 1% by volume.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said“The performance of the POS consumer new and used car finance markets remains in line with our expectations for 2016 as a whole. The FLA’s Q3 2016 retail motor finance confidence survey suggests that new business levels will remain broadly stable over the next twelve months.”