POS finance new business growth
New figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes grew six per cent in July, compared with the same month in 2017, while the value of new business increased by 11% over the same period.
The POS consumer new car finance market reported new business in July up five per cent by volume and 10% by value, compared with the same month in 2017. The percentage of private new car sales financed by FLA members through the POS was 89.8% in the 12 months to July.
The POS consumer used car finance market reported new business in July up six per cent by volume and 13% by value, compared with the same month in 2017.
Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said, ‘The point of sale consumer car finance market reported new business volumes up by four per cent in the first seven months of 2018, in line with expectations of modest single-digit growth in 2018 as a whole.’