New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market grew 4% by volume and 7% by value in September, compared with the same month in 2018. In Q3 2019 as a whole, new business grew 3% by volume and 5% by value.
The value of new business in the POS consumer new car finance market grew by 5% in September compared with the same month in 2018, while new business volumes fell by 1% over the same period.
The percentage of private new car sales financed by FLA members through the POS was 91.1% in the twelve months to September 2019.
The POS consumer used car finance market reported new business in September up 12% by value and 9% by volume, compared with the same month in 2018. In Q3 2019 as a whole, new business increased 6% by value and 5% by volume compared with Q3 2018.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “In September, the POS consumer used car finance market reported its strongest growth since August 2018, which contributed to an increase in new business volumes of 5% in Q3 2019 as a whole.
“The POS consumer car finance market overall reported stable new business volumes in the first nine months of 2019, in line with expectations.”