Motor Finance figures United kingdom 2014 first six months.

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Motor Finance figures United kingdom 2014 first six months.
The increase in United kingdom motor finance outstripped that of brand new vehicle registrations once again in 06, as the actual quantity of brand new motor vehicles financed increased 9% year-on-year to a overall of 72,726 vehicles, in accordance with the most recent statistics from the Finance & Leasing Association (FLA). By comparison total brand new vehicle registrations improved 6.2% in the exact same time period
Furthermore the penetration percentage rates throughout the motor finance business increased once again to 75.2%, from 75% in May, taking it to just under the record levels of 75.3%.
With regards to the worth of vehicles financed, the main difference from the year 2013 was marked. The marketplace increased 13% to the value of £1.1bn in June in comparison to the year before. This was in line with growth from prestige vehicle manufacturers such as BMW, Mercedes and Audi, that added an average of more than 10% in gross sales for June.
Quarterly development in financing as a result preserved its strength into the 2nd 1 / 4 of 2014 when compared to exact same time period the prior year. The quantity of brand new vehicles financed in the time period surpassed 210,000, up 7% year-on-year. The value of those vehicles financed was up 13% to a new total £3.3bn.
Used Vehicles
Financing for used vehicles increased at an even quicker pace than for brand new in June as financial institutions tapped into the opportunities increasing values within the pre-owned marketplace offered.
In June the value of the pre-owned vehicle finance marketplaces increased 28% year-on-year to £909m, having a total of 90,367 cars funded (up 22%).
In the 2nd 1 / 4 of 2014 pre-owned automobile financing from FLA paid members totalled £2.7bn, an increase of 21% on the 12 months before, with a 14% increase in the quantity of autos financed to a total of just below 270,thousand vehicles for the 1 / 4. This particular total was greater than had been financed within the brand new vehicle marketplaces (211,179) for the same time period.
Along with the June increase in pre-owned vehicle finance, FLA members for the twelve months to the end of June had funded slightly below a million cars.
Geraldine Kilkelly, head of statistics and chief economist at the FLA stated: "The 1st 1 / 2 of 2014 has seen solid performances both in the customer used and new motor finance sectors. The last 6 months also have seen the actual FLA's penetration rate maintained at about 3 quarters of all personal brand new vehicle sales in the united kingdom which shows how well-liked point-of-sale financing is with brand new car purchasers."