Point of sale (POS) consumer used car finance on new business grew 22% by value and 18% by volume in May, compared to the same month in 2015.

New figures released today by the Finance & Leasing Association (FLA) show the POS consumer new car finance market also reported growth in May, with new business up 14% by value and 8% by volume.

The percentage of private new car sales financed by FLA members through POS reached 84.3% in the 12 months to May, up from 83.6% in the twelve months to April.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The POS consumer car finance market continued to report robust growth in May, as new business volumes overall grew by 14% compared with the same month in 2015.

“New business volumes in these markets in the first five months of 2016 grew at a similar rate.”

Cars bought on finance by consumers through dealerships and bought on finance by businesses - May 2016 FLA