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Equipment Finance News UK asset finance at a five-year high Published: 13th October 2014 Share UK Finance & Leasing Association (FLA) members have reported an 11% growth in asset finance new business during the twelve months to August 2014. This brings the annual total to more than £24 billion – the highest reported by the industry for five years. The strongest new business growth in August was reported by the business new car finance sector, up 38% compared with August 2013. Plant and machinery finance and commercial vehicle finance were also up by 7% and 5% respectively over the same period. IT equipment finance recorded a second consecutive month of strong growth in August as new business increased by 10% on the same month a year earlier. Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market has grown in each month so far this year, driving the annual total of new business up to its highest level since August 2009. “Recent months have seen growth extend beyond the commercial vehicle and plant and machinery finance sectors, which were the key drivers of growth over the last year.” Aug 2014 % change on prev yr 3 mths to Aug 14 % change on prev yr 12 mths to Aug 14 % change on prev yr Total FLA asset finance (£m) 1,741 +7 6,240 +12 24,035 +11 Total excluding high value (£m) 1,741 +14 6,108 +15 23,435 +11 Data Extracts: Plant and machinery finance (£m) 419 +7 1,438 +18 5,041 +16 Commercial vehicle finance (£m) 372 +5 1,328 +9 5,731 +19 IT equipment finance (£m) 107 +10 412 +6 1,487 +1 Business equipment finance (£m) 139 -2 551 +5 2,028 +4 Car finance (£m) 537 +37 1,915 +21 7,203 +8 Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories NewsPACCAR reports strong Q3 revenues and profits Corporate Member NewsPropel Finance assists family-run business with green transition Corporate Member NewsDeko partners with Shire Leasing Equipment Finance