NEW figures from the Finance and Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 27% in February 2021, compared with the same month in 2020.
The consumer new car finance market reported a fall in new business volumes of 34% in February compared with the same month in 2020. The percentage of private new car sales financed by FLA members in the twelve months to February 2021 was 92.8%.
The consumer used car finance market reported new business volumes 25% lower in February than in the same month in 2020.
Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “The UK lockdown restrictions over the winter months contributed to a fall in consumer car finance new business volumes of just over a quarter.
“As car showrooms re-open and consumer confidence recovers, we expect a strong rebound in demand. The value of annual new business in the consumer car finance market is expected to reach its pre-pandemic level this year.”