Return to Growth in July

The Finance & Leasing Association (FLA) have issued a news release reporting that the consumer car finance market has “returned to growth in July”. New figures released show that new business in the consumer car finance market grew 19% by value and 9% by volume in July 2020 compared with the same month in 2019. In the seven months to July 2020, new business volumes in this market remained 30% lower than in the same period in 2019, which reflects the impact of the COVID 19 lockdown.

 

The consumer new car finance market reported growth in new business of 20% by value and 9% by volume in July 2020 compared with the same month in 2019.  In the first seven months of 2020, new business volumes in this market were 36% lower than in the same period a year earlier. The percentage of private new car sales financed in the twelve months to July 2020 was 93.5%, up from 91.6% in the same period last year.

 

The consumer used car finance market reported growth in new business of 18% by value and 9% by volume in July 2020 compared with the same month in 2019. In the first seven months of 2020, new business volumes in this market fell by 26% compared with the same period in 2019.

 

Andy Muir, Head of Sales commented, the results are a real shot in the arm for the whole sector and reflect the huge efforts that showrooms and lenders have put into getting the UK back on the road. Mann Island has achieved two consecutive record-breaking months which reflects the strength of the relationships we have with our partners and hopefully, the current positive trends will continue into the next quarter.

 

Source https://www.fla.org.uk/media/news/consumer-car-finance-market-returns-to-growth-in-july/

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