The Finance & Leasing Association says new business in the point of sale consumer car finance market grew 12% by value and 8% by volume in 2016.
New business was up 3% by value and down 3% by volume in December, compared with the same month in 2015.
The POS consumer new car finance market reported new business up 1% by value and 8% lower by volume in December compared with the same month in 2015. In 2016 as a whole, new business grew 12% by value and 6% by volume.
The percentage of private new car sales financed by FLA members through the POS reached 86.6% in 2016, up from 81.4% in 2015.
The POS consumer used car finance market reported new business growth in December of 7% by value and 2% by volume. In 2016 as a whole, new business grew 12% by value and 9% by volume.