According to the Finance and Leasing Association, the consumer finance market saw new business growth of 7 percent in September 2020 compared to the same month last year.
However, the volume of new business in the first nine months of 2020 was 22% lower than the same period in 2019.
In the consumer new car financing market, the volume of new business increased by five percent in September 2020 compared to September 2019, while new business in the nine months to September 2020 decreased 27 percent.
However, FLA member-funded private new car sales in the twelve months ended September 2020 stood at 94.5% – the second highest annual penetration rate in history.
The new business volume for the consumer car market increased 9 percent in September 2020 compared to the same month a year earlier, while it was down 19 percent in the year to September 2020 compared to the same period a year earlier.
Geraldine Kilkeley, chief researcher and chief economist of the FLA, said: “The latest FLA data show that the consumer auto finance market has played a key role in Britain’s economic recovery since the deadlock’s first restrictions were eased in June.
“As the UK enters a new phase of national impasse, it is important for the government and the Bank of England to provide direct access to finance to all lenders, including non-bank lenders.
“This will allow the auto industry to meet the demand for patience and sustainable new credit.”