UK consumer car finance market ends 2019 strongly as used car volumes reach record levels

A strong end of year performance for the UK car market resulted in advances for consumer car finance growing 3% in 2019, compared to the previous year, according to new data. The Finance and Leasing Association reports that the value of new business reached £38 billion, even though the number of cars financed remained static at around 2.4 million. Annual growth was mainly driven by the used car finance market, where advances rose 4% year-on-year, as the number of cars funded increased 2%. The new car finance market saw a 1% rise in advances, despite a 3% fall in the number of new cars financed to just over 933,000, as buyers opted for bigger, more expensive models, such as SUVs.

UK consumer car finance market ends 2019 strongly as used car volumes reach record levels

Feb 13, 2020

A strong end of year performance for the UK car market resulted in advances for consumer car finance growing 3% in 2019, compared to the previous year, according to new data. The Finance and Leasing Association reports that the value of new business reached £38 billion, even though the number of cars financed remained static at around 2.4 million. Annual growth was mainly driven by the used car finance market, where advances rose 4% year-on-year, as the number of cars funded increased 2%. The new car finance market saw a 1% rise in advances, despite a 3% fall in the number of new cars financed to just over 933,000, as buyers opted for bigger, more expensive models, such as SUVs.

Bynx Pricing Reviews

Bynx - Asset Finance Pricing Review - Russia's auto revolution

Dec 12, 2019

      AVAILABLE NOW, FREE OF CHARGE Tom Seymour takes a look at how leasing and the fleet market are developing in Russia. While new cars sales have stalled, leasing is gaining popularity.  Russian drivers are showing a strong interest in car sharing services, although support for other new initiatives, such as electric vehicles, is very low. It is hard to predict how the Russian auto market will develop. As commentator Ralph Morton points out in his opinion piece, the runaway growth in personal leasing is starting to have an impact on fleet leasing. Insights into the so-called “death of diesel” on car sales and residual values. Dean Bowkett takes a look at how new powertrains are taking hold across Europe, and the factors influencing the rise of electric vehicles. The latest stats from Experteye’s European Leasing Index Report.   CONTRIBUTIONS FROM   Sovetkina Zoya, leasing lead, Expert RA Dmitriy Strashkov, head of corporate finance, VWFS Rus Alexander Mikhaylov, chief executive, Europlan Ralph Morton, Editorial Director, Morton Media

 

Technology Reports

Companies in the finance industry invited to support major research project into servitization

Jan 15, 2020

A major new research project will take a detailed look at how the sale of services linked to asset-backed financing can offer a compelling opportunity for auto and equipment finance companies so they can develop new income streams and profit growth. The servitization research project, developed by the International Asset Finance Network, in partnership with GrowCap, will look at how technology can increase customer satisfaction and encourage retention, while also building a competitive advantage over other more traditional finance organizations. It is looking for finance company partners to support the project. Participants will be able to use the results to develop their future business strategy.