POS sales on the decline
New figures released today by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market fell by seven per cent in October, compared with the same month in 2016, while the value of new business was up by two per cent over the same period.
The percentage of private new car sales financed by FLA members through the POS was 86.1% in the 12 months to October, compared with 86% in the same period to September.
The POS consumer used car finance market reported new business in October up 15% by value and nine per cent by volume, compared with the same month last year.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said, ‘Falls in new business volumes reported by the POS consumer new car finance market so far in 2017 have mirrored trends in private new car sales. FLA members’ penetration of this market has held steady at around 86%.
‘In 2017 as a whole, new business volumes in the POS consumer car finance market overall are expected to be around 2.3 million, a similar level to 2016.’