Latest statistics from the
Finance and Leasing Association (FLA) show dealer finance
penetration at 53% of the total market in the 12 months to January,
0.9%age points higher than in the 12 months to December
2010.
January’s figures show
year-on-year growth in used car finance to have outpaced that of
new car finance, showing that it remains a growing priority for
dealers. Data for the three months leading to January also supports
this conclusion, showing new car finance down on the period a year
earlier, but used car finance significantly up.
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In new car finance, the rate
of increase in value financed outpaced the rate of increase in the
number of cars financed, suggesting a larger average ticket size
and supporting the increased demand for prestige vehicle finance
reported by dealers.
In used cars, the volume of
units financed showed a larger increase than the total value
financed, meaning a smaller average ticket size than last
January.
This may be because customers
that would have opted for cheap new cars on scrappage last year are
now seeking finance for used purchases, or because of increased
stock and lower prices in the used market due to the end of
scrappage.
Business customers showed a strong uptake on new car
finance compared to previous months, reflecting either an increase
in business confidence or a growing need to replace
vehicles.
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