Asset and Auto Finance booming

Jaeneen Cunningham

Despite only being a matter of weeks into 2024, applications for asset and auto finance are soaring and lenders are very busy coping with demand. The Federal Chamber of Automotive Industries (FCAI) reported that Australia reached an all-time new vehicle sales record of 1,216,780 delivered in 2023. The previous highest sales result was 1,189,116 achieved in 2017

Here are a few key insights from the FCAI you might find interesting:

Australia's top-selling vehicle in 2023 was the Ford Ranger (63,356 sold)
Toyota was the top-selling car brand, accounting for 17.7% of all vehicle sales
SUVs and light commercial vehicles accounted for 78.4% of ALL vehicle sales
Battery electric vehicles and plug-in hybrid electric vehicles accounted for a combined whopping 23.4% of market share in 2023

We're very happy to assist if you're looking to purchase a new or upgraded work vehicle. We have access to very good asset finance lenders with some excellent rates for business vehicles*