Motor finance corporations are ‘cautiously optimistic’ about seeing a rise in enterprise within the coming 12 months.
That’s the conclusion of the Finance & Leasing Affiliation (FLA) from its Trade Outlook Survey.
Geraldine Kilkelly, director of analysis and chief economist on the FLA, stated: “The business stays cautiously optimistic concerning the prospects for future development, with three-quarters of motor finance respondents to the FLA’s Q2 2023 Trade Outlook Survey anticipating some enhance in new enterprise over the subsequent 12 months.”
Kilkelly made the feedback because the FLA reported shopper new automobile finance market in Could fell 8% by worth and 9% by quantity.
Within the 5 months to Could 2023, new enterprise volumes on this market have been 9% decrease than in the identical interval in 2022.
The patron used automobile finance market reported a fall in new enterprise in Could of 11% by worth and 10% by quantity in contrast with the identical month in 2022.
Within the 5 months to Could 2023, new enterprise volumes on this market have been 7% decrease than in the identical interval in 2022.
Kilkelly added: “Could noticed the continuation of latest developments with a powerful efficiency within the enterprise new automobile finance market offset by decrease ranges of recent enterprise in each the patron new and used automobile finance markets.”