Latest reports from the vehicle finance brokerage shows that the sector is doing better than even before the pandemic
This last year, for many businesses, it has been a tale of survival and the vehicle finance sector is no different.
First Vehicle Finance, as the name suggests, finances both cars and light commercial vehicles and with lots of the workforce working at home and both car dealerships and car manufacturers affected by lockdowns the sector stalled in 2020.
Looking at the period of 1 January to 30 April 2020, when the COVID-19 pandemic was beginning to hit, confidence in the market was receding and for First Vehicle Finance their sales were down 14 per cent compared to the same period in 2019.
However, this year is presenting a different picture. For the same period in 2021, the franchise’s deliveries are up 27.95 per cent compared to 2019 (pre-pandemic) and 48.75 per cent up from 2020 (during the pandemic).
Founder of First Vehicle Finance, Richard Mayle, stated: “We are seeing a big bounce back so far this year and with forward orders for 2021.
“We are showing strong trading so far this year, which we hope can only improve as the restrictions ease.”