Growth in the automotive market predicted by trade association

Growth in the automotive market predicted by trade association

A recent report from the leading trade association for motor finance has announced that the bulk of lenders are predicting that the new car finance market will see strong growth over the next year.

The report, recently released by the Finance & Leasing Association (FLA), is in essence a survey of confidence. It shows that growth is expected by more than three quarters of lenders, with over a quarter expecting the growth to be significant, at up to one fifth.

Lenders are also predicting growth in the used car market too, and over 20% are expecting this growth to be significant. This prediction of growth was shared by almost all of the lenders surveyed. Additionally, the LCV (light commercial vehicle) market is predicted to see growth too, but only by half of those surveyed.

Any growth in the automotive industry is a boon, with ripple effects being felt through many other industries that depend upon cars and vehicles, such as insurers and mechanics. However, lenders are worried that with the economy being in the state it is, any further public perception that the economic situation is worsening will weaken the confidence of consumers, leading to less business and money being spent on vehicles.

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