The consumer car finance market saw new business volumes dip by 2% year-on-year in August, according to the latest figures from the Finance & Leasing Association (FLA).

The percentage of private new car sales financed by FLA members through the point of sale (POS) remained at 91.2% in the 12 months to August 2019. The POS consumer used car finance market reported that new business fell 2% by volume and 1% by value in August, compared with the same month last year.

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Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The POS consumer new car finance market reported a modest fall in new business volumes in August, as the market continued to track private new car sales.

“New business volumes in the POS consumer car finance market overall fell by 1% in the eight months to August, in line with expectations.”

Earlier this year, the FLA relaunched its Specialist Automotive Finance (SAF) programme in partnership with The London Institute of Banking & Finance.

Now known as SAF Expert, the overhaul will come with an improved range of training options for dealership staff that will further increase the professionalism, skills and knowledge in the sector, the FLA said. Those who successfully pass their yearly SAF online test, will accrue study credits towards the Level 3 SAF Advanced qualification which is accredited by the Institute.

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Adrian Dally, head of motor finance at the FLA, said: “Motor finance is the third largest market in the consumer credit sector, so the current level of scrutiny from regulators and the media should be considered the new normal.”