It has been a year of ups and downs for the economy.
The first half of 2016 was dominated by uncertainty in the lead up to the EU Referendum, which caused many businesses to halt investing and hiring until the result of the vote was known.
Once the result for Brexit was confirmed, this understandably shook the economy and caused several industries to dip amongst further uncertainty of our future.
Nevertheless, one industry that has stood firm, grown and prospered amongst all this uncertainty and instability is the motor industry.
Last year proved to be another golden year for motor industry – the most recent SMMT figures show 2.6M new registrations in 2016. The used-market has also seen record rises in sales, with the latest Q3 figures for the market showing over 6.3 million cars to date being sold which is an 8% rise from last year.
|Consumers really have never enjoyed so much choice – whether it’s brand, body style or fuel type, the range of finance packages on offer makes them more accessible than ever.|
It is unsurprising to see Ford dominate our most financed cars of 2016, with the Focus and Fiesta remaining the most financed vehicles of 2016, closely mirroring the SMMT’s statistics for 2016 sales. BMW 3 Series and 1 Series sandwich the popular Vauxhall Corsa and Astra models, perhaps indicating the aesthetic nature of BMWs.
It’s also worth pointing out that our top 10 also includes two vans – the Ford Transit and Vauxhall Vivaro. 2016 has been a strong year for new and used sales across the board.
However, strong continued demand for business and fleet markets has also been a highlight, which we’ve seen borne out in our own business performance in the light commercial vehicle sector.
|To celebrate a great year for the industry, Close Brothers Motor Finance listed the top 10 most financed vehicles of 2016.|
Last year for sales in both the new and used market, but the year ahead will be a different environment. With speculation of rising inflation amidst falling consumer confidence, expect to see a rise in demand for affordable vehicles which will be matched by tailored finance packages.
The road ahead will pose many interesting challenges for dealerships in attracting and retaining customers to the forecourt. However, it is one that Close Brothers Motor Finance are greatly looking forward to, and will continue to support dealerships and customers through not only bespoke finance options, but through branch network, helping to ensure local dealers are supported with business development whilst using local knowledge to help cater to their customer’s specific vehicle and financing requirements.