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MotoNovo Finance is now able to provide additional support to the dealer community as accredited ‘Introducer’ for the Aldermore Coronavirus Business Interruption Loan Scheme (CBILS). It is a move designed to provide a new funding avenue to the more than 2000 dealers and 17,000 corporate customers that the business estimates are facing short to mid-term cash flow challenges in what is a rapidly changing operating landscape.

“Dealers and their corporate customers are emerging into a new trading environment that has and will continue to see significant structural change. Many will be seeking more routes to access capital, having seen their cashflow interrupted and will be looking to invest in the development of their business models. As an accredited CBILS introducer of our parent Aldermore Bank we can help now,” announces Luke Curtis, MotoNovo’s Head of Motor - Commercial Finance

The Coronavirus Business Interruption Loan Scheme is designed to provide financial support to SMEs across the UK that have lost revenue, having seen their cashflow disrupted, as a result of the COVID-19 outbreak. MotoNovo is now able to offer an introduction between eligible dealers and Aldermore to discuss CBILS loans (HP and finance lease) of between £50k-£250k available.

It is a lending range that can help many of MotoNovo’s dealers, while making it accessible to commercial customers will assist them in sustaining their businesses, helping them to invest and keeping them in the market for future vehicles.

While borrowers remain fully liable for the debt, no personal guarantees are required for facilities below £250K. The Government is guaranteeing CBILS in an approach designed to encourage lending; something that MotoNovo hope will provide confidence to dealers to apply and invest in capital items such as transporters to support the trend towards distance-selling or for re-financing existing assets.

Curtis concludes; “This is not a soft launch; we have developed a wide-ranging campaign to reach out to our dealer community and ensure they are aware of our CBILS opportunity. At the same time, our commercial team will be contacting our commercial customers. We recognise the need for dealers to reinvent their business model for the new operating environment; CBILS can help many of them to start making this move.”

Press release issued by MotoNovo Finance, June 2020

MotoNovo Finance is now able to provide additional support to the dealer community as accredited ‘Introducer’ for the Aldermore Coronavirus Business Interruption Loan Scheme (CBILS)...

MotoNovo announce CBILS support

New data suggests that in the prevailing COVID-19 environment, it is becoming harder and more expensive for consumers to access unsecured personal loans. It comes as Fitch Ratings, one of the world’s Big Three Credit Ratings has noted that they; ‘expect unsecured consumer lending to see significant deterioration in performance.” It is a backdrop that has Deputy CEO Karl Werner noting:

“Economic uncertainty can lead to a tightening of credit, particularly unsecured lending, such as personal loans. This was seen in the aftermath of the credit crunch and there is evidence that this same scenario is playing out now.” 

The challenge for unsecured loan providers has been highlighted by a downgrading in the credit rating of some lenders by Fitch Ratings, driven by their concern about business’ exposure to unsecured consumer credit and the economic fallout from the coronavirus pandemic.

Werner concludes; “the observations from Fitch and data published by Moneyfacts.co.uk reflect historical trends in previous economic downturns. Dealer finance is not entirely immune from the economic impact, but the nature of HP and PCP finance has usually meant that dealer finance offers a more consistent and accessible form of lending to car buyers.

“This unsecured loan backdrop needs to be viewed as an opportunity for dealer finance to play its role in the reinvention of the dealer model for the ‘new normal’ marketplace. The critical nature of being customer-led and the delivery of fair outcomes is more than just a regulatory shift; it is a cultural one that has been accelerated by the pandemic crisis. Our lead on risk-based pricing with the launch of our new MotoRate model with its highly competitive headline APRs and finance acceptance levels are designed to take on the personal loan providers. Car selling and financing have to change. Together with our dealers we are collaborating to develop the next chapter in our history; the findings to date are very positive.”

As the car buying journey shifts to online, products like MotoRate and Self-Serve are providing a more transparent and clear customer journey. With findandfundmycar.com, we’re giving customers access to 2,500 dealers across the UK where they can complete a decision in principle and tailor their search to their budget, providing a better forecast for dealer finance. 

New data suggests it's becoming harder and more expensive for consumers to access unsecured personal loans. The economic fallout from the coronavirus pandemic has proved a challenge of unsecured loan providers which Deputy CEO Karl Werner notes...

As personal loan access tightens dealer finance can shine

On June 3rd, the Financial Ombudsman Service (FoS) set out its five-year strategy. While two of its three strategic priorities focused on its capabilities, the second carries a strong message for all financial services providers, including dealers:

Reflecting on the announcement, MotoNovo's CEO Mark Standish observes: “Customer needs must be at the heart of the dealer model and that FoS highlights the prevention of complaints and unfairness so prominently points to a financing issue to be addressed positively. Given the importance of reputations in an increasingly digital world, preventing complaints should be seen as crucial and should be ‘baked-in’ to product and service development.”    

Reviewing the types of motor finance complaints received by FoS, the Ombudsman has identified the following

Their car is faulty or not of satisfactory quality 

Their car or finance agreement was mis-sold or mis-described to them and they're unhappy with a key term – like the annual mileage allowance

They’re unhappy about charges that they’ve been asked to pay at the end of the agreement

The finance agreement was unaffordable, or they weren’t treated fairly when they were in financial difficulties

In the ‘new normal’ that we are all emerging into after lock-down, the value of service and reputation have become much clearer. With finance so integral to many car sales, preventing complaints and any unfairness through customers’ car financing journeys is a service enhancement opportunity that can help dealers of all sizes. Collaborating with customer-led finance partners must be a natural step. As Standish notes, enhancing service to meet today’s informed, protected and increasingly digitally engaged customer has to be the way forward;

“At MotoNovo, we are committed to supporting dealers to create positive changes for the emerging new operating environment. FoS’ strategy points to the need for change and I’m confident that we can help dealers to start addressing three of the four problem areas identified by FoS that might impact them, their customers and reputation;”

Greater use of digital technologies such as our self-serve and findandfundmycar.com tools can help dealers to deliver a thorough and controlled customer journey that signposts all essential information and charges openly and transparently;

The first to market, risk-based pricing MotoRate approach is enabling dealers to promote a highly competitive headline APR that potential customers can now gain a clear and early view of their potential monthly payments, helping buyers to assess the affordability of a car to their budget with the final interest rate tailored to each customer’s circumstances;

In a service-led market and as customers assess dealer reviews, select finance partners with great customer feedback – MotoNovo 4.7/5 from over 20K customer reviews on Trust Pilot.

 “At MotoNovo, meeting customer needs is part of our DNA and all of the data says we get it right most of the time. I’m particularly proud of the customer feedback during recent weeks when we helped over 40,000 customers financially affected by coronavirus. We don’t take anything for granted; the last three months have crystallised the need for positive change now. We aren't just aiming to minimise complaints; we are looking to delight customers and enhance that all-important commodity for dealers – reputation.”   

The FoS set out its five year strategy with a strong message of 'preventing complaints and unfairness'. CEO Mark Standish observes "preventing complaints should be seen as crucial and should be ‘baked-in’ to product and service development"...

Dealer trust building - addressing customer car finance complaints

With numerous reports that donations to non-NHS charities were falling dramatically during the lock-down, during the first two weeks of June, we took to the virtual road on a unique virtual charity drive helping a range of charities across the UK by donating £40,000 along the way.

The route map for the journey saw us reaching out through social media, to target smaller registered UK charities supporting the vulnerable; this included good causes helping in areas such as homelessness, mental health, financial aid, health services, family support and animal welfare.

In 10 days the journey saw the drive reach over 250,000 people and engage with over charities, or which 20 received £2000 each.

Reflecting on the Charity Drive, CEO Mark Standish notes;

“As the COVID-19 pandemic tightened its grip on the world, charities, like businesses, have come under more pressure than ever before to deliver their services; we wanted to help.

“Our team’s fundraising efforts over the last year, combined with MotoNovo’s match funding had built to £40,000. We have used it on the drive to help twenty smaller charities across the UK. These are local charities where £2,000 can make a difference. Additionally, it has helped many others to raise their profile.

“The final part of the journey as we return to work is to seek publicity for these smaller, but vital good causes. In the ‘new normal’ many wonderful charities are helping even more vulnerable people and animals. We encourage you to support them.”

Scottish Emergency Rider Volunteer Service

Over 10 days, our car took a virtual drive across the web donating a total of £40,000 to 20 charities, to say thank you for helping those most in need during the outbreak.

MotoNovo’s £40K give-away charity drive helps charities across the UK

Showrooms may be re-opening, but it is to an entirely different market to the one that we were in just a few short weeks ago. In that time, change has happened on an unprecedented scale affecting peoples’ lives, businesses, the way we communicate and much more.

As doors re-open, I am encouraged by the prospect that we are all start-ups in this changed operating environment. To use a phrase from my time in the USA many years back, we have the opportunity of a ‘do-over’.  One of the online dictionaries defines a do-over as:

“A chance of doing something for a second or further time, after an unsuccessful or unsatisfactory first attempt,”

I’m mindful that this to many people in motor retailing that this may sound somewhat harsh. No offence is intended. What I do, very consciously want to convey is the sense that there was much we can all recognise we would have done differently in the ever-faster developing motor retail environment if we had the ideal circumstances. Somehow the stars were never fully aligned.

Without question, we could step straight back into the old ways, but in all conscience, we must recognise that from a strategic perspective; political, economic, social, technical, environmental and legal (PESTEL) much has changed and so much more will change. It is time to reinvent motor retailing to;

Get leaner, get closer to customer needs, reduce the friction between dealer and customer with so many competing disruptive players clogging the process, get more relevant in what is a digital marketplace and much more.

Thinking of ourselves as a ‘start-up’, we must revisit our purpose:

In short, it is to bring car buyers and dealers together through finance in a way that provides a win win win situation for all parties.

This is everything that MotoNovo and findandfundmycar stand for and in the weeks ahead we will continue the re-energisation of our purpose that has seen us so prominently supporting dealers through the challenging times of recent weeks.

As a ‘start-up’ dealer in this changed operating environment, we hope our type of collaborative Triple Win ethos sounds like a business you would choose to work alongside.

Showrooms may be re-opening, but it is to an entirely different market to the one that we were in just a few short weeks ago. In that time, change has happened on an unprecedented scale affecting peoples’ lives, businesses, the way we communicate and much more. Karl Werner, Deputy CEO talks about opportunity in a time of change.

We are all ‘Start-Ups’ now

41% of dealer websites home pages make no prominent reference to COVID-19 secure measures

23% of dealer website home pages are displaying COVID-19 secure measures prominently 

“Showroom doors may be open across England, but dealers can benefit by investing additional time in promoting their social-distancing and sanitisation steps to build essential customer confidence and reassurance to create footfall online and in the showroom.” This is the observation by MotoNovo Finance’s Deputy CEO Karl Werner, reflecting on the findings of desktop research undertaken for MotoNovo Finance in the first week of trading in England.

With the vast majority of car sales starting online and recognising that many customers will be seeking reassurance before visiting a showroom, dealers can help themselves by building this reassurance prominently into their digital presence. Since re-opening mandates that showrooms must be ‘COVID-19 secure’ having completed a full risk assessment and taken all necessary safety and sanitisation steps to minimise risks, promoting these measures is a natural value-building opportunity.

Looking at the range of website approaches to COVID-19, many dealers have taken some steps, but have not necessarily provided a full picture of their tactics. As well as the data above:

19% of dealer sites were prominently displaying Click & Collect options

9% displayed the COVID-19 secure poster logo/image, but without explaining its meaning

8% were allowing showroom visits by appointment only

In closing Karl notes; “We are working hard to champion the need for reinvention of the dealer model to reflect the ‘new normal’ trading environment. A full engaged, dynamic digital strategy that is; current, promotes transparency and customer care should be seen as a priority. In this respect, not promoting the steps taken to keep customers and staff safe prominently is a missed opportunity. That said, we saw some outstanding examples of good practice that recognise that customer safety is ‘top-trumping’ price.”

With the vast majority of car sales starting online and recognising that many customers will be seeking reassurance before visiting a showroom, dealers can help themselves by building this reassurance prominently into their digital presence...

Dealers can benefit by building reassurance online

With the Government advising commuters to; “Consider all other forms of transport before using public transport,” many people may be considering the option of two wheels. As well as the boom already seen in bicycle sales in lock-down, which saw a 200% increase in sales reported in May, the appeal of motorbikes/mopeds and scooters is clear.

To help encourage customers to switch from public transport or cars, the Motorcycle Industry Association (MCIA) with the collaboration and support of manufacturers, motorcycle publications and industry specialists, has launched a new initiative #UnlockYourFreedom, to help highlight the reasons why riding a scooter or motorcycle is a great alternative to stay isolated and safe. MotoNovo Finance is delighted to be one of those industry specialists supporting the campaign.

Commenting on the campaign MotoNovo’s National Motorcycle Manager Julian Oliver notes;

“Many of us recall the freedom that getting onto a motorbike meant the first time we got onto what was invariably a modest 49cc moped. After weeks of lock-down and as we start to emerge into a post-lock-down environment, it is evident that the ‘new normal’ will see significant changes. Travel, especially commuting, will be one of those changes. In a social distancing world and one where environmental credentials and affordability matter increasingly, a motorbike makes so much sense. From 49cc upwards, it’s time to encourage more people to feel the freedom of a motorcycle or scooter and we are right behind the MCIA.”   

The rationale behind a motorcycle or scooter is very evident:

People can stay socially distant in their own safe space

On average those who commute by motorbike save around 3 hours a week and their travel is less stressful

Now add in affordability, a brand new 125cc motorbike can comfortably be bought for under £3000 and used models will be cheaper. Julian concludes:

“At MotoNovo, we are keen to help dealers to spread the word and energise a new generation of bikers. With our on-line self-serve finance tools, dealers can enable customers to discover their bike and finance on their websites. In a socially distant world, we need to make it easier for people to get onto two wheels and with our unique digital financing toolkit, we can help dealers to do just that.”     

For more information on #UnlockYourFreedom and how you can encourage others to get on two-wheels, visit www.unlockyourfreedom.co.uk.

Press release issued by MotoNovo Finance, June 2020


The Motorcycle Industry have launched #UnlockYourFreedom to encourage commuters to switch from public transport and cars, to two wheels. Julian Oliver, MotoNovo's National Motorcycle Manager shows his support...

News - June 2020