Client automobile finance enterprise volumes declined by 25% throughout November in keeping with the most recent market knowledge from the Finance and Leasing Affiliation (FLA).
The FLA reported that new enterprise volumes had been 20% decrease year-to-date than in the identical interval in 2019.
New automobile finance volumes amongst retail clients declined of 27% within the penultimate month of the yr, in the meantime, leaving them 25% down year-to-date.
Geraldine Kilkelly, the FLA’s head of analysis and chief economist, mentioned: “The autumn in new enterprise volumes in November displays the closure of many showrooms as additional restrictions had been launched to cope with rising circumstances of COVID-19.
“UK-wide lockdowns in the course of the first quarter of 2021 imply that the near-term outlook stays difficult.
“The motor finance business will proceed to help households and companies throughout that point and because the financial system recovers, as evidenced by the £30 billion of recent finance supplied to them by FLA members because the pandemic started.”