Figures from the Finance & Leasing Association show that the consumer car finance market reported new business volumes up in December 2021 by 2% compared with the same month in 2020.
In 2021 as a whole, new business volumes grew by 9% compared with 2020 to almost 2.1 million cars financed, but remained 14% lower than in 2019.
The consumer new car finance market reported new business up 11% by value and 8% by volume in December compared with the same month in 2020. In 2021 overall, new business volumes in this market were 6% higher than in 2020, but remained 21% lower than in 2019. The percentage of private new car sales financed by FLA members in 2021 was 91.8%, in line with pre-pandemic levels.
The consumer used car finance market reported new business up 15% by value, but fell 2% by volume in December compared with the same month in 2020. In 2021 overall, new business volumes in this market were 10% higher than in 2020, but remained 9% lower than in 2019.
