The Finance & The Finance & Leasing Association (FLA) released figures showing that total asset finance new business, primarily in the form of leases and hire purchases, increased by 8% compared to January 2022. Between January 2022 and January 2023, new business increased by 6%.
The commercial vehicle finance and business new car finance sectors reported new business up in January by 9% and 57% respectively, compared with the same month in 2022. The plant and machinery finance sector reported new business 3% lower over the same period.
With this in mind businesses are moving quickly to adapt and implement new platforms and solutions that will enable them to manage further predicted sector growth.
