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Equipment Finance News UK asset finance industry heads for new business record Published: 13th December 2017 Share Asset finance new business (primarily leasing and hire purchase) grew by 7% in October compared to the same month last year and is heading for an annual record. The plant and machinery finance and business equipment finance sectors reported new business up in October by 6% and 13% respectively, compared with the same month in 2016, while new finance for IT equipment was up by 22% over the same period. Geraldine Kilkelly, head of research and chief economist at the FLA, said: “Growth in the asset finance market was broad-based in October, with most of the main asset sectors reporting increases in new business. “The industry is on course to report a record level of annual new business in 2017 of around £32 billion.” UK asset finance market October year-to-date Oct 17 % change on prev yr 3 mths to Oct 17 % change on prev yr 12 mths to Oct 17 % change on prev yr Total FLA asset finance (£m) 2,672 +7 7,625 +1 31,771 +5 Total excluding high value (£m) 2,665 +9 7,568 +3 30,772 +7 by asset: Plant and machinery finance (£m) 489 +6 1,485 +1 6,518 +12 Commercial vehicle finance (£m) 660 +5 1,883 0 7,520 +2 IT equipment finance (£m) 195 +22 579 +4 2,248 0 Business equipment finance (£m) 196 +13 603 +8 2,585 +12 Car finance (£m) 911 +8 413 +2 9,833 +6 Aircraft, ships and rolling stock finance (£m) 17 -64 44 -52 586 +10 By channel: Direct finance (£m) 1,395 +6 3,786 +1 5,585 +4 Broker-introduced finance (£m) 505 +14 1,478 +5 5,785 +13 Sales finance (£m) 765 +11 2,304 +7 9,403 +7 By product: Finance leasing (£m) 328 +5 945 +1 4,005 -3 Operating leasing (£m) 553 -1 1,678 -2 7,057 +6 Lease/Hire purchase (£m) 1,519 +14 4,148 +5 16,765 +10 Other finance (£m) 271 -5 855 -11 3,944 -5 Source: FLA 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 NewsUS equipment finance confidence hits three-year high NewsAlba Leasing and Banca Sistema announce partnership NewsDLL and Kempower partner to drive EV charging accessibility Equipment Finance
