Car finance new business up in January

The point of sale consumer new car finance market reported new business volumes up by four percent in January, compared with the same month in 2018, while the value of new business increased by eight percent over the same period.

The percentage of private new car sales financed by FLA members through the point of sale was 91.2 percent in the twelve months to January 2019, unchanged on the same period to December 2018.

The point of sale consumer used car finance market reported new business volumes in January at a similar level to the same month in 2018, while the value of new business increased by five percent over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The POS consumer car finance market reported modest growth in new business volumes in January, with consumer confidence hit by continued Brexit-related uncertainty.

“The market is likely to report new business volumes stable in 2019 as a whole if we see a pick-up in the economic outlook.”