Car finance market reports four-digit growth
The consumer car finance market was a staggering 1,276% higher in April 2021 to the same month last year.
In the first four months the year, new business volumes were 13% higher than in the same period in 2020.
According to the Finance & Leasing Association (FLA), the consumer new car finance market reported new business volumes up by 2,195% in April compared with the same month in 2020, while the value of new business grew by 2,370%.
In the first four months of 2021, new business volumes in this market were eight per cent higher than in the same period in 2020.
Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The consumer car finance market received a boost in April as showrooms re-opened, with the significant growth rate also reflecting the all-time low level of new business recorded in April 2020 at the start of the first lockdown. Pent-up demand and an improvement in consumer confidence are expected to contribute to a strong recovery during the second half of 2021, with our latest research suggesting that consumer car finance new business by value will grow by 19% in 2021 as a whole, and by a further 13% in 2022.”
