ao link
0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter
Intelligence, Insight and community for responsible professionals in credit

Consumer car finance new business grows by 10% in March

The consumer car finance market reported 10% growth in new business volumes in March this year, compared with the same month in 2020, according to the Finance & Leasing Association (FLA).

The consumer used car finance market reported new business volumes up by 24% in March compared with the same month in 2020, while the value of new business grew by 32%. However, new business volumes in the first quarter of 2021 were 15% lower than in the first quarter of 2020.

 

The percentage of private new car sales financed by FLA members in the twelve months to March 2021 increased to 93.2%.

 

Commenting on the figures, Geraldine Kilkelly, director of research and chief economist at the FLA, said: “In March, the consumer car finance market reported growth for the first time in six months, with used car finance new business volumes growing at their fastest rate for seven years.

 

“A year on since the introduction of the first restrictions to deal with the pandemic, the market and wider economy continue to be impacted by ongoing restrictions. However, the latest set of figures show that the industry has adapted to meet the challenges posed by the crisis.

 

“FLA’s most recent research suggests that motor finance providers are increasingly optimistic about the outlook for the rest of 2021. While mindful of the possibility of higher unemployment and a dip in confidence once the Government support schemes end, 91% of respondents to our latest industry outlook survey expect new business growth over the next twelve months.”

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

Phillips & Cohen launches new data management platform

Phillips & Cohen launches new data management platform

Women in Credit 2021 shortlist confirmed

Women in Credit 2021 shortlist confirmed

Hurricane Energy net free cash position "proves liquidity" 

Hurricane Energy net free cash position "proves liquidity" 

Upcoming events

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group