WebcastsFCA delay on discretionary commission arrangements decision Thursday 19th September 2024 1:00pm
Market Data Sponsored by Market Data Asset finance new business grew by 12% in April 2023 Published: 14th June 2023 Share New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in April 2023 by 12% compared with the same month in 2022. In the first four months of 2023, new business was 13% higher than in the same period in 2022. The business new car finance and business equipment finance sectors reported new business up in April by 48% and 13% respectively, compared with the same month in 2022. The commercial vehicle finance and plant and machinery finance sectors reported falls in new business of 2% and 6% respectively, over the same period. Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: “The asset finance market reported a year of sustained monthly new business growth in April supported by continued strong growth in the business new car finance sector. Annual new business in April at £35.3 billion was only 1% lower than the pre-pandemic peak in 2019. “Asset finance supports business investment across all major industry sectors and business size. New business provided to larger businesses grew by 27% in April, to the manufacturing sector increased by 30%, and to the services sector grew by 11%, compared with April 2022.” April 2023 % change on prev yr 3 mths to April 2023 % change on prev yr 12 mths to April 2023 % change on prev yr Total FLA asset finance (£m) 2,842 12 9,666 15 35,282 11 Total excluding high value (£m) 2,674 9 9,121 19 33,600 14 Data Extracts: By asset: Plant and machinery finance (£m) 604 -6 2,188 11 8,016 8 Commercial vehicle finance (£m) 674 -2 2,506 15 9,189 9 IT equipment finance (£m) 79 -20 320 -39 1,367 -17 Business equipment finance (£m) 141 13 485 -5 1,929 -1 Car finance (£m) 945 34 3,072 37 10,743 25 Aircraft, ships and rolling stock finance (£m) 29 18 76 1 310 -1 By channel: Direct finance (£m) 1.209 15 4,068 28 15,103 21 Broker-introduced finance (£m) 628 9 2,145 16 7,877 15 Sales finance (£m) 837 3 2,909 10 10,620 3 By product: Finance leasing (£m) 231 -10 832 -4 3,407 7 Operating leasing (£m) 609 34 2,116 46 7,206 19 Lease/Hire purchase (£m) 1,535 3 5,354 11 19,709 11 Other finance (£m) 334 33 998 3 3,704 3 Lisa Laverick Editor - Asset Finance Connect Sign up to our newsletter Featured Stories Corporate Member Market DataSmall businesses considering growth initiatives rises Market DataUK business confidence holds steady at 8-year high Corporate Member Market DataSMEs confidence grows with optimism for year ahead