“It is extremely positive to see that new cars bought on dealer finance rose 27% by value and 22% by volume in February compared to this time last year”, said Sue Robinson, Director of the National Franchised Dealers Association which represents commercial vehicle and franchised car retailers across the UK, commenting on the figures released by Finance & Leasing Association (FLA).
Figures revealed that the percentage of private new car sales financed by FLA members at point-of-sale reached 81.9% in the 12 months to February 2016, up from 81.7% in the 12 months to January.
Robinson continued, “We are pleased to see that point-of-sale consumer new car finance market registered in February its twelfth consecutive month of growth in new business volumes.
“Finance deals are vital for the sales of cars and it is important that the Government ensures that consumer credit regulation does not impose huge burdens on dealers that could limit its availability to consumers.
“We are confident that this positive trend will last and continue to help our sector to flourish.”
NOTES TO EDITORS:
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.