Auto Finance data UK 2014 first half.

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Auto Finance data UK 2014 first half.
The growth in Uk car finance outstripped that of new car registrations yet again in June, as the number of new vehicles financed grew 9% year-on-year to a total of 72,726 cars, according to the latest figures from the Finance & Leasing Association (FLA). In comparison total new automobile registrations increased 6.2% in the identical period
Moreover the penetration rates across the motor finance market grew once more to 75.2%, from 75% in May, taking it to just below the record level of 75.3%.
In terms of the value of automobiles financed, the difference from 2013 was huge. The market rose 13% to a value of £1.1bn in June compared to the year before. This was in line with growth from prestige car producers such as BMW, Mercedes and Audi, which added an average of above 10% in sales for June.
Quarterly growth in finance therefore maintained its strength into the second quarter of 2014 compared to the same period the year before. The number of new cars financed in the period exceeded 210,000, up 7% year-on-year. The value of those autos financed was up 13% to a total £3.3bn.
Used Cars
Finance for used cars grew at an even faster rate than for new in June as finance companies tapped into the opportunities rising values in the used market offered.
In June the value of the used auto finance markets grew 28% year-on-year to £909m, with a total of 90,367 vehicles financed (up 22%).
In the second quarter of 2014 used car finance from FLA members totalled £2.7bn, a rise of 21% on the year before, with a 14% rise in the number of motor vehicles financed to a total of just under 270,000 cars for the quarter. This total was more than was financed in the new car markets (211,179) for the same period of time.
With the June rise in used car finance, FLA members for the 12 months up to the end of June had financed just under 1 million vehicles.
Geraldine Kilkelly, head of statistics and chief economist at the FLA said: "The first half of 2014 has seen strong performances in both the consumer new and used car finance sectors. The last half a year have also seen the FLA's penetration rate maintained at around three quarters of all private new automobile sales in the UK which shows how popular point-of-sale credit is with new car buyers."