May growth for POS

Point of sale (POS) consumer used car finance market showed healthy growth in May, compared to the same month in 2016.

New figures released by the Finance & Leasing Association (FLA) showed new business grow of 22% by value and 18% by volume in May. The POS consumer new car finance market also reported growth in May, with new business up 14% by value and 8% by volume.

The percentage of private new car sales financed by FLA members through the POS reached 84.3% in the 12 months to May, up from 83.6% in the 12 months to April.

Geraldine Kilkelly, head of research and chief economist at the FLA, said, ‘The POS consumer car finance market continued to report robust growth in May, as new business volumes overall grew by 14% compared with the same month in 2015. New business volumes in these markets in the first five months of 2016 grew at a similar rate.’