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Asset finance market grew by 106% in May 2021
Total asset finance new business grew by 106% in May 2021 compared with the same month in 2020, new figures released by the Finance & Leasing Association (FLA) show.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
In the first five months of 2021, new business was 26% higher than in the same period in 2020.
The commercial vehicle finance sector reported new business up by 126% in May compared with the same month in 2020.
Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The broad-based recovery in the asset finance market continued in May as businesses have become more optimistic of a strong economic recovery.
“The significant growth rates reported in April and May reflect the impact on new business levels of restrictions to deal with Covid-19 during the first lockdown and we expect these to moderate in the coming months. Nevertheless, the industry is on track to return to pre-pandemic levels of new business during the course of this year.”
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