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New figures released yesterday from the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in October 2023 by 11% compared with the same month in 2022. In the ten months to October 2023, new business was 14% higher than in the same period in 2022.
The business new car finance and commercial vehicle finance sectors reported new business up in October by 53% and 8% respectively, compared with the same month in 2022. The plant and machinery finance sector reported a fall in new business of 17% over the same period.
Commenting on the figures, Geraldine Kilkelly, director of research and chief economist at the FLA, said: “2023 is set to be a record year for the asset finance industry as new business is expected to reach more than £38 billion. The industry directly supports the real economy by providing finance to businesses of all sizes which funds as much as 40% of UK investment in machinery, equipment, and vehicles.”
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