Two speed used car market likely to persist
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.
Used car finance starts to recover as dealerships reopen
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.
Car finance volumes hold firm in 2019
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.
Post-election boost in used car finance
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 drives used car growth
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.