The volume of point-of-sale motor finance sales has grown by five per cent in February 2015 to more than 133,000, according to figures released by the Finance & Leasing Association (FLA).
According to the FLA report, the consumer used car finance market has seen recent growth strengthen by nine per cent year-on-year as user car dealers boost point-of-sale finance deals.
The recent boost in used car finance sales has also been encouraged by growth in new car registrations. Rising car sales can often lead to an increase in business for used car dealers as drivers look to trade in their old cars. With this increase in the number of cars joining the used car industry, it is vital that dealers regularly re-evaluate their motor trade insurance policy to ensure it provides the right level of protection.
Commenting on industry growth, head of research and chief economist at the FLA Geraldine Kilkelly said: "The point-of-sale consumer car finance market has reported growth each month for almost four years."
This growth is set to continue, according to Kilkelly, who revealed that the FLA's first quarter retail motor finance confidence survey has highlighted confidence amongst industry experts that is set to continue for the next 12 months.