New business volumes in UK asset finance were up 3% year-on-year in August to more than £1.6bn (1.9bn), according to the Finance & Leasing Association (FLA).
The FLA reported growth in all asset sectors excluding big-ticket with 15% growth in commercial vehicles new business and 12% growth in passenger car fleet business.
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Speaking to members at the organisation’s autumn drinks reception, Stephen Sklaroff, FLA director general, said year-to-date asset finance was up 2% to 13.8bn compared to total UK business investment which was down 8.3% year-on-year in the first six months of 2013.
He also said the FLA had seen a 5% increase in its membership across all sectors.
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