In the eleven months to November 2023, new business was 13% higher than in the same period in 2022.
The business new car finance and commercial vehicle finance sectors reported new business up in November by 37% and 1% respectively, compared with the same month in 2022.
The plant and machinery finance sector reported a fall in new business of 8% over the same period.
“The asset finance market maintained strong new business growth in November boosted by another robust performance by the business new car finance sector. New asset finance lending to SMEs grew by 5% compared with November 2022, and to larger businesses grew by 24%.
“The performance in November means the market is on track to report a record annual level of new business in 2023,” says Geraldine Kilkelly, Director of Research and Chief Economist at the FLA. “The FLA’s Q4 2023 Industry Outlook Survey shows that asset finance respondents remain cautiously optimistic about growth prospects in 2024, with 77% expecting some increase in new business over the next twelve months."
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