The point of sale (PoS) consumer car finance market dropped by 3% year-on-year in June, according to the latest figures from the Finance and Leasing Association (FLA).
New business volumes declined 5% in June compared with the same month in 2018, while the value of new business fell by 4%. The decline in June marks the fourth consecutive month of decline in the consumer car finance market.
The percentage of private new car sales financed by FLA members through the PoS was 91% in the 12 months to June 2019.
The PoS consumer used car finance market reported a year-on-year fall in new business volumes of 1% in June, while the value of new business remained at a similar level to June 2018.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The PoS consumer used car finance market reported a record total for new business volumes in the first half of the year of almost 772,000 vehicles, while the modest fall in POS consumer new car finance in the first six months of 2019 was in line with wider trends in private new car sales.”
Earlier this year, the FLA relaunched its Specialist Automotive Finance (SAF) programme in partnership with The London Institute of Banking & Finance.
Now known as SAF Expert, according to the FLA the overhaul will come with an improved range of training options for dealership staff that will further increase the professionalism, skills and knowledge in the sector. Those who successfully pass their yearly SAF online test, will accrue study credits towards the Level 3 SAF Advanced qualification which is accredited by the Institute.
Adrian Dally, head of motor finance at the FLA, said: “Motor finance is the third largest market in the consumer credit sector, so the current level of scrutiny from regulators and the media should be considered the new normal.
“Staff training is therefore more important than ever, and the new suite of SAF courses provides a training option for everyone, regardless of their level of experience. Now is the time to make sure that all customer-facing staff have the skills they need to help your business thrive.”