Consumer finance sales up 7% year on year
Posted on in Business News , Cycles News , Outdoor News
Figures released by the Finance & Leasing Association (FLA) this month show that consumer finance new business grew by 7% in the twelve months to February 2015.
The demand for buying on finance continues to grow, according to the FLA report which highlights that total consumer finance (including mortgages, credit cards and personal finance) grew by 7%.
Retail store and online credit alone grew by 6% - accounting for £6,391m of sales in the UK.
In 2014, new finance sales reached almost £100 billion. £74 billion was in the form of consumer credit.
These figures suggest that finance lenders occupy a unique position in the UK's economic landscape. By allowing consumers to make the purchases they want, they are at the heart of economic recovery and expansion
As the general election approaches, the FLA have released a manifesto proposing measures which any new Government should look to adopt in order to boost UK growth, productivity and jobs by making it easier for credit lenders to continue providing their services.
These simple measures will help UK businesses grow, promote competition and choice for consumers and businesses, ensure personal data is handled responsibly, maintain and improve essential public services, and keep pace with the rapidly-evolving digital world.
Commenting, Fiona Hoyle, Head of Consumer Finance at the FLA "It's imperative that the new Government creates the right conditions [for finance lenders] to continue to serve their customers well and support economic growth. Above all, that will mean a period of stability after the implementation last year of a new system of credit regulation."
Offer consumer credit for summer 2015
With demand rising, now is the time to join the growing Ride it away and Take it outoodrs retail finance network, giving your customers the opportunity to purchase the products and accessories of their dreams by spreading the cost with as little as 0% finance.
Did you know? There are currently over 750 retailers offering finance through the Ride it away and Take it outdoors schemes, accounting for £60m of new sales every year!
Ride it away and Take it outdoors is available to any cycles or outdoor business who benefit from:
- Free V12 set-up worth £495
- Personal support throughout the application and FCA authorisation process
- No minimum finance turnover requirement
- Payment issued by V12 same day and in your bank within 4 days
- National promotion on the Ride it away and Take it outdoors consumer websites
- Access to FCA compliant POS material
- Access to web banners for use on your own website
Click here for more information about the Ride it away scheme
Click here for more information about the Take it outdoors scheme
What next?
Click the links above to find out more and request your free application pack or contact us on 0845 618 7256