Consumer car finance new business volumes fell by 3% in January 2023
Consumer car finance new business volumes fell by 3% in January 2023Mar 09, 2023
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Asset finance new business grew by 8% in January 2023New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in January 2023 by 8% compared with the same month in 2022. In the twelve months to January 2023, new business was 6% higher than in the same period in 2022.
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UK new car market posts seventh straight month of growthUK new car registrations grew by 26.2% in February as 74,441 new cars joined Britain’s roads, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). While February is typically low volume ahead of the March plate change, this year it marked the seventh month of consecutive growth as easing supply chain shortages steered the market closer to pre-pandemic levels, down just -6.5% on the same month in 2020.
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FLA members provided £148bn of new business in 2022New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided a record £148.3 billion of new business in 2022, 12% higher than in 2021. Of this total:
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Asset finance new business grew by 16% in December 2022New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in December 2022 by 16% compared with the same month in 2021. In 2022 as a whole, new business was 6% higher than in 2021.
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Consumer car finance new business volumes fell by 6% in December 2022New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business by value and volume fell in December 2022 by 6% compared with the same month in 2021. In 2022, as a whole, new business grew 9% by value and 3% by volume compared with 2021.
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Used car forecast points to a bumpy road to recoveryCox Automotive has released its used car forecasts for the year, presenting an upside, baseline, and downside scenario. The company is advising retailers to be creative throughout the next 11 months as prices fall and consumer priorities change.
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Used car market down but EVs buck trendThe UK’s used car market declined in 2022, down -8.5% to 6,890,777 transactions, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT). The performance saw 640,179 fewer vehicles changing hands than in 2021, as the squeeze on new car supply – primarily due to the global shortage of semiconductors – restricted stock entering the second-hand market.
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New car market defies national trend to deliver green growthThe UK new car market grew 14.7% in January to reach 131,994 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), setting the tone for an anticipated countercyclical year of growth. This was the best start to the year since January 2020’s pre-Covid 149,279 units and marks the sixth successive month of expansion.
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UK car production down but electric vehicle output surges to new recordUK car production declined -9.8% in 2022 to 775,014 units, according to the latest figures issued by the Society of Motor Manufacturers and Traders (SMMT). December rounded off a volatile year, with output down -17.9% in the month after growth in October and November, with most of the year’s volume loss occurring in the first half.
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Asset finance new business grew by 12% in November 2022New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in November 2022 by 12% compared with the same month in 2021. In the 11 months to November 2022, new business was 5% higher than in the same period in 2021.
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Asset finance new business grew by 8% in January 2023
UK new car market posts seventh straight month of growth
FLA members provided £148bn of new business in 2022
Used car forecast points to a bumpy road to recovery
