Total asset finance new business (primarily leasing and hire purchase) grew in April 2023 by 12% compared with the same month in 2022, according to new figures released by the FLA.
In the first four months of 2023, new business was 13% higher than in the same period in 2022, the Finance & Leasing Association (FLA) said.
Go deeper with GlobalData
Business new car finance and business equipment finance sectors reported new business up in April by 48% and 13% respectively, compared with the same month in 2022. The commercial vehicle finance and plant and machinery finance sectors reported falls in new business of 2% and 6% respectively, over the same period.
FLA April 2023
Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The asset finance market reported a year of sustained monthly new business growth in April supported by continued strong growth in the business new car finance sector. Annual new business in April 2023 at £35.3 billion was only 1% lower than the pre-pandemic peak in 2019.
“Asset finance supports business investment across all major industry sectors and business size. New business provided to larger businesses grew by 27% in April 2023, to the manufacturing sector increased by 30%, and to the services sector grew by 11%, compared with April 2022.”
Explainer: What is leasing?
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
