New figures launched immediately by the Finance & Leasing Affiliation (FLA) present that shopper automobile finance new enterprise volumes fell in June 2023 by 2% in contrast with the identical month in 2022.
The corresponding worth of latest enterprise grew by 2% over the identical interval. Within the first half of 2023, new enterprise fell 5% by worth and 6% by quantity in contrast with the identical interval in 2022.
The buyer new automobile finance market reported development in new enterprise of 14% by worth and 11% by quantity in June in contrast with the identical month in 2022. Within the first half of 2023, new enterprise volumes on this market had been 6% decrease than in the identical interval in 2022.
The buyer used automobile finance market reported a fall in new enterprise in June of seven% by each worth and quantity in contrast with the identical month in 2022. Within the first half of 2023, new enterprise volumes on this market had been 5% decrease than in the identical interval in 2022.
Commenting on the figures, Geraldine Kilkelly, director of analysis and chief economist on the FLA, stated:
“June noticed the primary development within the shopper new automobile finance market since February of this yr, and continued sturdy development within the enterprise new automobile finance market. The easing of provide points within the first half of 2023 contributed to a much-improved efficiency within the new automobile finance market general as new enterprise volumes grew by 5%.
“The buyer used automobile finance market proved resilient within the first half of 2023 regardless of more durable financial situations and following a document first half of 2022. “As at all times, prospects who’re nervous about assembly funds ought to converse to their lender as quickly as potential to discover a answer.”
Used automobile market electrifying as EV gross sales soar in second quarter
