Interested in becoming a MotoNovo dealer? Get in touch today.

Become a dealer partner

Home

Why MotoNovo

Complaints data

Terms of service

Privacy Policy

Item 5.1 Modern Slavery Statement Nov 2023 (Group) Board.pdf

Slavery & Human Trafficking Statement

2a86004f8506287891a8b404d874376a.pdf

Gender Pay Gap Report

The Finance & Leasing Association (FLA) Lending Code

Cookie Policy

About us

Our products

Consumer Duty

Discount Shopping

Tariff of charges

Customer site

Careers

Products & links

On June 24th, MotoNovo announced the formal launch of its risk-based pricing model MotoRate following a successful pilot of over 200 dealers;

On July 28th, the Financial Conduct Authority (FCA) published its Policy Statement. It confirmed a ban on the use of discretionary commission models from January 28th and specifically referenced; ‘moving to risk based pricing’, in its Outcomes we are Seeking section ahead of ‘flat fee’ models as an acceptable pricing option;

On August 12th, 1000 dealers had already switched to MotoRate.  

The FCA’s Policy Statement and its reference to finance firms introducing risk-based pricing as a commission model that fits within the requirements, demonstrates that MotoRate could be leading the way forward for dealer finance. The importance of compliance with FCA requirements has proved to be crucial to MotoRate’s momentum. However, add in the impressive impact on dealers’ finance penetration level and the subsequent positive word-of-mouth effect and a move to MotoRate is compelling.

CEO Mark Standish is delighted with the impact, noting;

“The response by dealers to MotoRate has been very encouraging. Dealers have welcomed the way in which MotoRate embraces the spirit and letter of the FCA’s Policy Statement. They certainly like the impact it is having on their businesses and how they can compete with personal loans on price and transparency. An overall 40 per cent growth in finance penetration is a very powerful reason for switching and this is exactly what we have seen.”

Dealer positivity surrounding MotoNovo is typified by JT Vehicles South Lakes’ director Jamie Tyrie who noted:

“MotoRate has allowed us to offer our finance with confidence. Led by the very competitive rates and high acceptance levels, we can compete with banks on price and beat them on convenience. We are making it easier for customers to choose us for their car and finance because the whole process is fast and transparent.”

Press release issued by MotoNovo Finance, August 2020

On June 24th, we launched the first risk-based pricing model, MotoRate following a successful pilot of over 200 dealers. By August 12th, 1000 dealers had already switched to MotoRate. CEO, Mark Standish shares his delight on the impact it's having...

1000 dealers switch to MotoRate in the first 50 days

The British Business Bank has confirmed that applications for the Coronavirus Business Interruption Loan Scheme (CBILS) will close on September 30th. The message to dealers from Luke Curtis, Head of Commercial Finance, an accredited Introducer for CBILS, is to take the time now to review how a CBILS asset finance facility could help them to accelerate positive change in the  rapidly evolving car retailing environment, noting;

“The CBILS asset finance options we are making available to dealers are state-backed and could be available to a large number of dealers. While we have seen a welcome bounce-back in vehicle sales, I’m sure we all recognise that there are likely to be challenges ahead. At the same time, the need to invest in adapting the established business model to embrace an increasingly digital car buyer has never been so apparent. CBILS is designed to help businesses that have lost revenue and seen their business disrupted as a result of COVID-19, and crucially helping them to survive and thrive as the new normal operating models evolve. Now is the time for dealers to consider how the type of £50K- £250K CBILS loan (HP and finance lease) we can offer to benefit their businesses.”

Dealers have used MotoNovo CBILS asset finance options for:

HGV’s/LCV’s ideal if dealers re looking to home-delivery of cars to customers

While it is understood that the Government will make an announcement on the future of the loan schemes it is backing to help businesses survive the impact of COVID-19 in the coming weeks, the deadline for applications remains September 30th with a cut off completion date of October 20th.

The British Business Bank has confirmed that applications for the Coronavirus Business Interruption Loan Scheme will close on September 30th. Head of Commercial Finance, Luke Curtis urges dealers to review how CBILS can help benefit their businesses.

CBILS loan support set to end - don't miss out

It’s time to break out the T-Cut and touch-up paint because older used cars are more desirable now than they’ve ever been before.

Models previously considered too long in the tooth for the forecourt are getting a new lease of life as a direct result of how COVID-19 is changing the way we do things.

When dealers came out of lock-down they found themselves talking to a new breed of buyer: the non-car owning consumer. While this has opened up new opportunities for dealers, these buyers are extremely cost-conscious; for them buying a car is an unbudgeted distress purchase. So cheap, cheerful, small and reliable are the deal clinchers.

The surge in demand is an understandable human reaction to the pandemic. It is best typified by those reliant on public transport viewing a run-around as a way to reduce their possible exposure to infection. Data from findandfundmycar.com shows a 35%  increase in people looking for used car finance, with almost half looking at older cars under £250 a month. It seems a trusty, older, reliable run-around is the go to option for most post lockdown.

Back in June the online classifieds reported a surge in online searches for sub £10,000 cars, the sweet-spot of this market. That demand was echoed in the wholesale sector where cars that might have struggled to find a buyer before March were being snapped up, with dealers prepared to take on refurb costs because of the demand.

An online search in my local area revealed just how much you can get for £10,000. A 15-plate Vauxhall Insignia, BMW 5 Series M Sport on a 12-plate or a 2013 Mercedes-Benz A Class.

While the circa £5,000 bracket unearthed some bargains including a 2012 Volkswagen Polo, an 11-plate Toyota Prius and best of all a Mercedes-Benz CLS on a 59 plate.

Research from Indicata, the independent market analysts, showed how used car sales in the UK grew year-on-year by 3.7% in June, a remarkable achievement bearing in mind forecourts in Wales and Scotland remained closed for most of the month.

Furthermore, demand was powered by older vehicles. Sales of cars aged between 3-6 years old increased by 3.73%, while demand for those aged 6-9 years leapt a whopping 12.61%. Meanwhile demand for 0-3 year olds, typically the most desirable, fell 7.17%.

The latest Cox Automotive Dealer Sentiment Survey, showed high demand for 3-5 year old cars continuing through July. It also found 37% of dealers are increasing their mix of lower priced cars as a direct result of COVID-19. The most searched cars under £250 a month on findandfund include Ford Fiesta, Ford Focus, Volkswagen Golf, BMW 3 Series, and Audi A3. As long as it can get you from A to B, it’s evident that people are becoming less interested in having the latest model and more concerned on saving pennies in the current climate. 

We are living in different times. The cyclical ebb and flow of supply and demand can not necessarily be relied upon to track typical seasonal trends.

Consequently, this new norm is forcing dealers to make adjustments to the way they operate in terms of what they stock and how they source it.

Dealers who previously would not have considered buying stock unseen online are now doing so because auction halls have not re-opened. The feedback I’m hearing from the wholesale sector is that many are enjoying this new immediacy and convenience. Although the warts and all accuracy of condition reports will play a key factor when buying older stock, when kicking tyres and lifting bonnets is not an option.

With used stock in short supply, dealers are adapting to selling fewer units but with increased margin. This has resulted in part-exchanges taking on a new role.

Previously older trade-ins would have been automatically dispatched to auction, especially in the franchised world. But this is no longer the case. If an older cars can be refurbed in-house, sold with a warranty and still make a margin, then dealers will hold on to it rather than let it fill a space on someone else’s forecourt.

The coronavirus is not going away. The economy is in recession. UK employment has fallen by the largest amount in over a decade with further job losses likely to follow the ending of the furlough scheme in October.

These challenges will shape trading in the short to medium term. But in these uncertain times, one thing is for sure, they will also continue to drive demand for reasonably priced older used cars as the obvious trend on findandfund has proven. For many dealers this will provide an invaluable lifeline and help to inform their stocking requirements in the months to come.

Lockdown has changed a lot, including people's car buying habits. Older used cars are more desirable now than they've ever been as more people are favouring their own set of wheels over public transport. Industry expert, Curtis Hutchinson explains...

The new appeal of older used cars

findandfundmycar.com closed in March 2024.


Used car prices have started to stabilise, showrooms are being restocked and pent up demand is starting to level out. But, the shift in buying trends is something that will continue long into the future, and the need for an online retail journey has made its way into the car buying industry.

The physical nature of shopping for a car in the showroom used to play a huge part in our buying habits. Customers would want to see and feel the car, take it for a test drive and try out all the features and gadgets. However, after months in lockdown and a need to shield or social distance, we’re seeing a clear shift toward online buying trends and digital browsing. With the advent of home delivery and click & collect, some customers are even buying the vehicle without seeing it first.

As we start to regain some sense of normality, we’ve seen findandfund performance increase so much that its better than pre-lockdown levels. Offering customers the opportunity to search, browse and even buy their vehicle from the safety of their own home, it’s not surprising that more customers are choosing to start and finish their journey online.

If you want to get more eyes on your stock, findandfund is the place to be. Here’s why:

Cap HPI have seen used car prices stabilise after lockdown and the influx of sales as things start to return to normal. People are turning to older vehicles and demand is increasing for convertibles and cabriolets as we head into the summer months.

A huge 65% of UK shoppers said they’re making more online purchases than usual(Econsultancy) and daily internet usage increased up to 90% during lockdown (Virgin Media).

findandfund has seen a 41% increase in visitors since the first week of Covid lockdown in March, now higher than pre-lockdown levels.  Customer interest is building and site visits have stayed strong into the summer, showing increasing demand for used cars.

4. findandfund is generating valuable leads

Stock listed on findandfund is now generating more leads than ever, with a record month in June since the site was launched. So not only are more people visiting the site, they’re showing a genuine interest in the vehicles they find. Since the quietest week of lockdown (in March), dealers have seen leads increase by 214%. 

5. More people are searching on findandfund

More people are taking the time to search for the perfect vehicle on findandfund, with searches increasing 73% in July compared to the peak of lockdown. We’re also seeing trends shift toward older and possibly more affordable vehicles as people start to adjust their spending habits.


Used car prices have started to stabilise and demand is starting to level out. However, after lockdown, we're seeing a clear shift towards online buying trends and digital browsing. To get more eyes on your stock, findandfund is the place to be...

News - August 2020

1000 dealers switch to MotoRate in the first 50 days

CBILS loan support set to end - don't miss out

The new appeal of older used cars

5 reasons to get your stock on findandfund

Become a dealer partner

Find an Account Manager

Trustpilot reviews