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Comment on FLA and SMMT figures (March 2015) PDF Print E-mail
Monday, 30 March 2015

Official figures from the Finance and Leasing Association (FLA) reveal that consumer new car finance rose by 11% in the twelve months to January this year, with new car finance volumes reaching 76.2% in the same period.

Samantha Cripps, head of sales development at independent lender ALPHERA Financial Services, comments: “This record-breaking FLA figure highlights the increasing popularity of finance options for both new and used car purchases. The FCA rules, encouraging greater transparency and fairness regarding car finance, should be seen as a further opportunity to maintain this robust penetration rate.”

The Society of Motor Manufacturers and Traders (SMMT) also released record-breaking figures, showing that the UK new car market grew for a 36th consecutive month. The UK car market’s sustained expansion is the longest ever seen, beating the previous record of 26 months set in the late 1980s. February, which is traditionally a quiet month ahead of the number plate change in March, saw the market grow 12.0% year-on-year, with 76,958 new cars registered.
 
Cripps adds: “The automotive industry has seen remarkable growth over the past three years. This positivity is highlighted by the uncommon growth at the start of this year, a traditionally quiet period ahead of the plate change. The ongoing growth within the motor industry suggests wider economic recovery and confidence.
 
“The FCA has now had full responsibility for all consumer credit activities since April 2014, creating a regulatory environment in which those who offer motor finance now have to show evidence of treating the customer fairly. This means providing access to competitive lending options and offering all suitable products and rates to suit different customer needs. In the used car market, for example, Personal Contract Purchase (PCP) products, such as Alphera Select, are proving extremely popular, with around 70-80% of all retail sales being on PCP according to a variety of manufacturers.
 
“Due to the relatively low rates available, finance is continuing to grow in attractiveness; however, the impact of changing interest rates and governments could create an unpredictable environment for dealers and lenders. It is therefore vital that dealers work with their finance providers to deliver creative finance packages, ensuring that customers are offered the fairest deals possible.”
 
The FLA is the UK’s leading trade association for the consumer credit, motor finance and asset finance sectors. It produces monthly reports into the performance of each of those sectors.
 
The SMMT is the trade association for the United Kingdom motor industry and exists to support and promote the interests of the UK automotive industry at home and abroad.

(Source - Alphera Press Release)
 

 
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