New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in November 2019 by 1% compared with the same month in 2018, and remained stable in the eleven months to November 2019.
The consumer new car finance market reported a fall in new business volumes of 8% in November 2019 compared with the same month in 2018. The percentage of private new car sales financed by FLA members was 91.2% in the twelve months to November 2019.
The consumer used car finance market reported new business volumes up in November 2019 by 3% compared with the same month in 2018.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The consumer used car finance market is poised for a record level of new business volumes in 2019 of almost 1.5 million cars, 2% higher than in 2018.
“Further single-digit growth in this market is likely in 2020 with recent survey data suggesting a pick-up in consumer confidence about the economic outlook, personal finances and committing to big-ticket purchases.”