Average value of UK new car finance reaches record high

The average amount financed for a new car in the UK reached a record high in September as the value of advances grew despite shrinking vehicle sales, new figures from the Finance and Leasing Association show. The value of new business in the point-of-sale (POS) consumer new car finance market grew by 5% in September compared with the same month in 2018, while new business volumes fell by 1% over the same period. This drove the average amount financed to £21,563, 5% more than the same period last year, as consumers opt for more expensive vehicles, such as SUVs and an increasing number of plug-in vehicles, which carry a price premium compared to traditional petrol and diesel models.

Average value of UK new car finance reaches record high

Nov 06, 2019

The average amount financed for a new car in the UK reached a record high in September as the value of advances grew despite shrinking vehicle sales, new figures from the Finance and Leasing Association show. The value of new business in the point-of-sale (POS) consumer new car finance market grew by 5% in September compared with the same month in 2018, while new business volumes fell by 1% over the same period. This drove the average amount financed to £21,563, 5% more than the same period last year, as consumers opt for more expensive vehicles, such as SUVs and an increasing number of plug-in vehicles, which carry a price premium compared to traditional petrol and diesel models.

Bynx Pricing Reviews

Bynx - Asset Finance Pricing Review - Europe: expanding opportunities

Oct 21, 2019

      AVAILABLE NOW, FREE OF CHARGE Guest columnist Hendrick Roosna takes a detailed look at how car subscription services can be priced so as to make money, as well as attracting headlines. Our lead article shines a light on developments in Austria, Hungary, Poland and Romania. With Poland beginning to challenge the Big Five, it's a good time to assess how trends are developing in a sample of countries in the region. With new car sales on the slide in mature markets, OEMs and lenders are looking further afield to bolster revenues, as these countries start to invest in infrastructure and boasts a mobile, young, workforce for whom having a car is fast becoming a necessity. The one constant in business and political life in 2019 has been change, as leadership elections, campaigns around climate change and Parliamentary procedure and Brexit negotiations have all combined to provide daily challenges to how things are usually done. In the automotive sector, one of the biggest changes is the growing interest in sharing cars, rather than owning outright. But while it’s an attractive idea for consumers, it’s harder to see how auto finance funders and others can adapt to this new approach. The latest stats from Experteye’s European Leasing Index Report.   CONTRIBUTIONS FROM   Hendrick Roosna, CEO of Fairown Finance; Paul Gogolinski, owner and director, Total Fleet Solutions; Wolfgang Steinmann, secretary general of the Association of Austrian Leasing Companies; Balazs Toldi, Budapest Bank head of commercial bank; Dr. Adriana Ahciarliu Kyriakidis, founder and general manager at Diplomat Consult

 

Technology Reports

Cloud Lending, a Q2 company - How to succeed in a digital asset finance landscape

Jul 24, 2019

The world of asset finance is changing – it’s reinventing itself digitally. It has to do so, as customer expectations for better experiences are increasing while the pressure on operational costs continues to be high. How to compete and win in this ‘brave new’ digital landscape isn’t always straightforward. Innovative new digital technologies now provide asset finance solutions that are quick, simple and seamless, with reduced paperwork, faster delivery of funds and enhanced customer service delivery that is highly personalised. In new research Cloud Lending commissioned Asset Finance International (AFI) to evaluate the role of digital technologies in driving digital transformation. To explore this topic, we developed a qualitative survey of global asset finance professionals who have influence over digital transformation strategy in their organisations.