New figures released 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.â€
| Table 1: Cars bought on finance by consumers through the point of sale | ||||||
| New business | Sep 2019 | % change on prev. year | 3 months to Sep 2019 | % change on prev. year | 12 months to Sep 2019 | % change on prev. year |
| New cars | ||||||
| Value of advances (£m) | 2,642 | +5 | 5,066 | +4 | 19,481 | +1 |
| Number of cars | 122,526 | -1 | 241,984 | 0 | 939,634 | -3 |
| Used cars | ||||||
| Value of advances (£m) | 1,641 | +12 | 4,807 | +6 | 18,237 | +6 |
| Number of cars | 128,781 | +9 | 388,742 | +5 | 1,483,851 | +2 |
| Total cars | ||||||
| Value of advances (£m) | 4,284 | +7 | 9,873 | +5 | 37,717 | +3 |
| Number of cars | 251,307 | +4 | 630,726 | +3 | 2,423,485 | 0 |
| Table 2: Cars bought on finance by businesses | ||||||
| New business | Sep 2019 | % change on prev. year | 3 months to Sep 2019 | % change on prev. year | 12 months to Sep 2019 | % change on prev. year |
| New cars | ||||||
| Number of cars | 26,658 | -14 | 91,638 | -3 | 392,096 | -5 |
| Used cars | ||||||
| Number of cars | 4,231 | +18 | 13,305 | +19 | 63,180 | +16 |
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