New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market grew in December 2019 by 6% compared with the same month in 2018, and held steady in 2019 as a whole at over 2.4 million cars.
The consumer new car finance market reported growth in new business volumes of 4% in December 2019 compared with the same month in 2018. In 2019 as a whole, new business volumes in this market fell by 3%. The percentage of private new car sales financed by FLA members was 91.7% in the twelve months to December 2019.
The consumer used car finance market reported new business volumes up in December 2019 by 7% compared with the same month in 2018. In 2019 as a whole, new business volumes in this market grew by 2%.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The performance of the consumer car finance market in 2019 was in line with expectations. A similar performance of broadly stable new business volumes overall in 2020 is likely if we see a pick-up in consumer confidence.
“FLA members continued to set new records in 2019, with the penetration rate of consumer new car finance reaching 91.7%, and a record level of new business volumes of almost 1.5 million cars reported by the consumer used car finance market.”