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Demand for automotive credit is down according to vedaauto.com’s latest results.
vedaauto.com’s Automotive Credit Demand Index for February shows overall automotive credit enquiries fell 6% year-on-year. “Despite the overall decline, both personal and business vehicle credit demand is showing encouraging signs of return to pre-stimulus activity levels,” says David Scognamiglio, head of vedaauto.com.
Personal enquiries for vehicle credit demand fell by 9% year-on-year. Scognamiglio noted while demand was down, it was not dropping as fast:, “Whilst these latest figures show a decline in credit demand for personal vehicles, the decline is not as severe as the same time last year. In conjunction with the FCAI’s 14% increase in new cars sold in February, the
vedaauto.com Index indicates that we may see positive credit demand growth as early as May.”
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