New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market fell 1% by volume in March, compared with the same month in 2018. The corresponding value of new business was at a similar level to March 2018.
The POS consumer new car finance market reported a fall in new business in March of 3% by value and 5% by volume, compared with the same month in 2018.
The percentage of private new car sales financed by FLA members through the POS was 90.9% in the twelve months to March, down from 91.1% in the same period to February.
The POS consumer used car finance market reported new business up 9% by value in March, while volumes grew by 4%, compared with the same month in 2018.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The POS consumer car finance market reported new business volumes stable in the first quarter of 2019, with a fall of 2% in the new car finance market offset by growth of 2% in the used car finance market.
“The Q1 2019 performance reflects our expectations for the year as a whole, with annual new business volumes of around 2.4 million, a similar level to 2018.”
|Table 1: Cars bought on finance by consumers through dealerships|
|New business||Mar 2019||% change on prev. year||3 months to Mar 2019||% change on prev. year||12 months to Mar 2019||% change on prev. year|
|Value of advances (£m)||3,300||-3||5,546||0||19,416||+4|
|Number of cars||160,906||-5||274,218||-2||954,073||0|
|Value of advances (£m)||1,627||+9||4,763||+7||17,902||+11|
|Number of cars||130,632||+4||389,275||+2||1,470,442||+6|
|Value of advances (£m)||4,927||0||10,309||+3||37,318||+7|
|Number of cars||291,538||-1||663,493||0||2,424,515||+4|
|Table 2: Cars bought on finance by businesses|
|New business||Mar 2019||% change on prev. year||3 months to Mar 2019||% change on prev. year||12 months
to Mar 2019
|% change on prev. year|
|Number of cars||43,143||-6||90,184||-7||389,878||-12|
|Number of cars||7,630||-6||21,388||+30||64,826||+12|