On 6 August 2015, the Finance & Leasing Association (FLA) released figures showing an increase in the consumer, car and asset finance industries in June, compared with the same period last year. The figures showed growth of 11% in consumer finance new business and 15% in point-of sale consumer new car finance, however the strongest growth of 20% was reported in asset finance new business for deals up to £20 million. As a result, new business in this market reached £27.1 billion in the twelve months to June, surpassing its pre-crisis peak of £26.7 billion.
Commenting on the asset finance figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The first half of 2015 saw the asset finance market record its best start to a year since 2008. The industry reported growth across all main finance channels and finance products as businesses invested in a wide range of equipment to help them expand and grow. The economy’s return to above-trend growth in the second quarter of 2015 suggests that the recovery in business investment is likely to continue and that we will see further growth in leasing and hire purchase in the second half of 2015.”
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