Motor Finance highlights some of the key figures from the FLA and SMMT.

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Analysis

Figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes grew 6% 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 5% 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 twelve months to July. The POS consumer used car finance market reported new business in July up 6% by volume and 13% by value, compared with the same month in 2017.

Analysis

The UK new car market enjoyed a boost in August, as year-on-year demand rose 23.1%, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). 94,094 new cars were registered in the month as the market responded to regulatory changes, with cost-savvy buyers taking advantage of some compelling deals in what is always one of the year’s smallest months. Demand was up across the board, with consumers and fleets boosting year-on-year registrations by 23.3% and 19.7% respectively, while the smaller business sector rose 166.4%, equivalent to an uplift of around 1,500 units against August last year. Superminis remained the most popular buy, followed by small family and dual purpose cars, with the luxury saloon and city car segments recording the most notable growth, up 120.8% and 39.6%. Meanwhile, the growing range of hybrid, plug-in hybrid and pure electric cars continued to attract buyers, with a record one in 12 people choosing one.

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