The UK consumer car finance market saw new business volumes grow by 5% year-on-year in July, according to the latest figures from the Finance & Leasing Association (FLA).
The point of sale (POS) consumer new car finance market reported new business in July up 1% by volume and 4% by value, compared with the same month in 2018. The percentage of private new car sales financed by FLA members through the POS was 91.2% in the 12 months to July.
The POS consumer used car finance market reported new business in July up 7% by volume and 8% by value, compared with the same month in 2018.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “In July, the point of sale consumer car finance market reported growth for the first time since February 2019. New business volumes in the first seven months of 2019 held steady compared with the same period in 2018.
“The consumer used car finance market was the main driver of headline growth in July as new business volumes increased at their strongest rate since October 2018.”
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.”