New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in May 2023 by 10% compared with the same month in 2022. The corresponding value of new business also fell by 10% over the same period.
In the five months to May 2023, new business fell 9% by value and 8% by volume compared with the same period in 2022.
The consumer new car finance market reported a fall in new business in May of 8% by value and 9% by volume compared with the same month in 2022. In the five months to May 2023, new business volumes in this market were 9% lower than in the same period in 2022.
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The consumer used car finance market reported a fall in new business in May of 11% by value and 10% by volume compared with the same month in 2022. In the five months to May 2023, new business volumes in this market were 7% lower than in the same period in 2022.
Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “May saw the continuation of recent trends with a strong performance in the business new car finance market offset by lower levels of new business in both the consumer new and used car finance markets.
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“The industry remains cautiously optimistic about the prospects for future growth, with three-quarters of motor finance respondents to the FLA’s Q2 2023 Industry Outlook Survey anticipating some increase in new business over the next year.”
By Lisa Laverick
Source: Asset Finance International