Sales-aid finance bucked the trend for declining business volumes in UK asset finance in the first quarter of 2013, according to the Finance & Leasing Association (FLA).
Speaking at a reception following the FLA annual general meeting, Stephen Sklaroff, the body’s director general, new business, excluding high value deals, was down 10% in March and 5% in the first quarter year-on-year.
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Direct finance was down 4% in quarter one while broker-introduced leasing was down 20% over the period. Sales finance was the only growth channel, gaining 5% on the same period last year.
The growth continues the pattern from last year when growth in sales finance outstripped overall asset finance growth.
Sklaroff said the first quarter asset finance numbers "continue to reflect the structural changes in the broker sector during the final quarter of 2012."
Despite the disappointing figures, Sklaroff was positive about prospects for the leasing industry in 2013 and highlighted the FLA’s growing influence on government credit policies.
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By GlobalData"The Government is actively listening to our views across the full range of FLA markets and these days often comes to us with questions before announcements are made," he said. "That doesn’t guarantee the right outcome, but it’s a pretty good starting position."
