Analysis
– The number of new cars bought by consumers using dealer finance grew by 31% in February compared with February 2012. FLA members’ penetration of the private new car registrations market was 71.9% in the twelve months to February 2013, up from 64.5% in the year ending in February 2012. The consumer used car finance sector also saw an increase of 7% compared with February 2012.
– FLA head of motor finance Paul Harrison said: "The new car finance market was strong in February and again outperformed the growth in new car registrations. This shows the importance of point-of-sale credit to the UK automotive industry, employment and the wider economy. The Government must make sure that its new regulatory regime for consumer credit maintains a competitive marketplace and supports the continued availability of affordable credit for customers."
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