In 2015, members of the Finance & Leasing Association (FLA) provided £110 billion of new finance to UK businesses and households, £37 billion of which helped consumers and businesses buy new and used cars, including over 80% of private new car registrations.
The growth in asset finance of new business (primarily leasing and hire purchase) of 12% in 2015 was the market’s second consecutive year of double-digit growth. Figures also show a 22% growth in point-of-sale consumer new car finance volumes in December, and 10% growth in 2015 as a whole. The percentage of private new car sales financed by FLA members through dealerships reached 81.4% in 2015, up from 75.9% in 2014.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “2015 was another strong year for the asset finance industry, with new business reaching its highest level since the onset of the financial crisis. Our latest industry confidence survey suggests growth in new business of up to 10% in 2016. The asset finance industry funded almost 32% of UK investment in machinery, equipment and purchased software in 2015, and the FLA’s latest retail motor finance confidence survey suggests that we will see new business growth in 2016 of up to 10%.”
However, all this good news does have a downside, with a huge shortfall of employee candidates. Julie Ramsay, MD of THC Recruitment said: “In the recession, a lot of people left the industry through redundancy, and there followed five static years where there was no recruitment and no training. Now the economy has recovered, we’ve got more vacancies on our books than we’ve had in six years without enough candidates to fill them.
“In fact, the market has changed massively over the past five or six years. Brokers are very strong and there are lots of completely new opportunities thanks to the rise of the challenger banks, so good candidates are very much in demand. In a candidate-driven market, companies are having to act quickly to offer them a job, otherwise they’re gone!”
Candidates: If you’re looking for your next job in motor finance or asset finance we have lots of employers who are offering very attractive packages. So if you’re looking for a new career move, get in touch now to register your interest.
Employers: We are continually adding new candidates on our database so if you have vacancies, contact us to let us know what you need.