Search
Close this search box.
Sign up for our weekly Newsletter

New business up 30% during first half of year at Startline

One of the core truths about the used car market is that people will buy used cars when the economy is good, and also when it is bad. They continue to need personal transport in all conditions and only in the very worst does the sector really tend to suffer. The factors that have helped make sales so buoyant in recent times such as consistent consumer demand and low stock supply look set to ease only by degrees and we are pretty confident that we will enjoy a strong H2
Startline-motor-finance-survey
Paul Burgess

Share

July 13, 2022

A 30% year-on-year increase in the amount of new business being written has been seen during the first half of the year at Startline Motor Finance.

Chief Executive Paul Burges said that the rise showed how the used car market remained relatively buoyant despite mounting pressures on the overall economy. “There has been much discussion lately about the used car market probably having peaked following a couple of years when volumes and values have risen at a rate that it is safe to describe as unprecedented.

“However, while it might have passed its high, there are not yet any real signs of a marked decline in the face of some pretty strong negative forces, such as the cost of living crisis, the war in Ukraine, the aftereffects of the pandemic and more.

Burgess added that the wide range of economic factors in play made it quite difficult to predict what would happen to the used car market in the second half of 2022, although his expectation was there would be no sudden shock to the sector.

“One of the core truths about the used car market is that people will buy used cars when the economy is good, and also when it is bad. They continue to need personal transport in all conditions and only in the very worst does the sector really tend to suffer. The factors that have helped make sales so buoyant in recent times such as consistent consumer demand and low stock supply look set to ease only by degrees and we are pretty confident that we will enjoy a strong H2.

“Certainly, the growth we have seen shows there is increasing demand for our motor finance proposition, which provides support for car buyers with less standard credit profiles while offering them a competitive proposition. It is an approach that could further grow in appeal for both consumers and dealers in the current economic situation.”

Thinking of the switch to electric?

Need help in finding the right electric vehicle for you? Compare driving range, battery capacity, charging time, price, and features to find the perfect EV for you.

Got a spare 30 seconds?

 Help us to provide you with better market insight by completing a very short survey. It is anonymous and only takes 30 seconds. You will get free access to the quarterly results.

Share this article

Facebook
Twitter
LinkedIn
WhatsApp
Reddit
Email

Want more motoring news?

Sign up here for our free weekly serving of motoring.

Sign up here for our free weekly serving of motoring.

Chris Wright

Chris Wright

Chris Wright has been covering the automotive industry nationally and internationally for 30 years. Following spells with consumer titles he became News Editor of Automotive Management (AM), Editor of Automotive International, International Editor for Detroit-based Automotive News, and Editor of Dealer Update. He has also co-authored several FT Management Reports and contributes regularly to Justauto.com

Latest news

Scroll to Top