The Finance & Leasing Association (FLA) has highlighted growth in the number of vehicles being purchased by fleet managers across the UK during the first quarter of 2012.

In total, 42,000 vehicles were bought using finance during May 2012, underlining a 26 per cent annual rise in value for the sector, as well as a 34 per cent increase in volume.

Hire purchase deals proved to be exceedingly popular during the month, with a 57 per cent rise in transactions in comparison with May 2011, while during the last 12 months the business new car market grew in volume by nine per cent to almost 402,000 vehicles.

Paul Harrison, head of motor finance at the FLA, commented: "Many businesses operating vehicle fleets have turned to asset finance in recent years because it can free up other sources of finance for their day-to-day operating expenses."

Earlier this year, the FLA revealed a 33 per cent rise in sales value for the UK new car finance sector in March, coupled with a 22 per cent rise in volume in comparison to the same month last year.

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Posted by Jamie Burton