Consumer car finance business volumes declined by 25% during November according to the latest market data from the Finance and Leasing Association (FLA).
The FLA reported that new business volumes were 20% lower year-to-date than in the same period in 2019.
New car finance volumes among retail customers declined of 27% in the penultimate month of the year, meanwhile, leaving them 25% down year-to-date.
Geraldine Kilkelly, the FLA’s head of research and chief economist, said: “The fall in new business volumes in November reflects the closure of many showrooms as further restrictions were introduced to deal with rising cases of COVID-19.
“UK-wide lockdowns during the first quarter of 2021 mean that the near-term outlook remains challenging.
“The motor finance industry will continue to support households and businesses during that time and as the economy recovers, as evidenced by the £30 billion of new finance provided to them by FLA members since the pandemic began.”