The consumer new car finance market reported a fall in new business volumes of 18% in December compared with the same month in 2019. In 2020, new business volumes in this market fell by 25% compared with 2019. The percentage of private new car sales financed by FLA members in the twelve months to December 2020 was 93.2%, up from 91.7% in 2019.
Two speed used car market is likely to persist for at least the remainder of 2020 as the economic effects of the coronavirus crisis continue to take effect, Startline Motor Finance predicted.
The consumer used car finance market led the recovery in June as showrooms began to re-open. Monthly new business volumes in this market were back to normal levels following the record low reported in April.
December 2019 showed a 6% increase compared with the same month in 2018, and held steady in 2019 as a whole at over 2.4 million cars.
Blue Motor Finance saw a 29% increase in the number of car finance proposals for used cars being submitted post the December election with a 27% increase in proposals approved.
Finance penetration jumped by 2.1% to 46% in April against the same month in 2018. It marked a 6.4% increase in used car finance sales as dealers continued to focus on used revenues.
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