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“People have been looking for cars actively during the lock-down. In the case of findandfundmycar, more have also taken their interest to the next level by applying for finance or seeking a finance decision in principle. In assessing why people may be in market, it seems that even though social-distancing will remain, and in part because of it,  there is some pent up demand building because for many people a car is necessary;  social-distancing means that more people are starting to think this way,”

This is the observation from MotoNovo Finance CEO Mark Standish as the business assesses the reasons behind the growth trends at findandfundmycar in terms of improving visits and crucially leads to dealers since social distancing started, which reflect increasing customer engagement with the platform.

While the lock-down means people have time on their hands, the findandfundmycar team has identified a Top 10 list of factors that are driving buyer interest during the lock-down (excluding end of finance reasons):

A planned move away from public transport and car-sharing;

‘Cool to be frugal’ an austerity move that was also seen in the immediate aftermath of the credit crunch years is seeing some people planning trade down;

Bargain hunters looking for deals that they expect to see arise as dealers and OEMs selling has been suspended;

Increases in disposable income for some as their outgoings on commuting, eating out, childcare fees and holidays/breaks fall;

People planning for ‘staycations’ in the UK seeking a better car or even mobile home;

A move to buying a car that supports better social/leisure purposes as people discover cycling/running/walking and expect that changes in working practices deliver a better work/life balance;

People looking to make a move to a more environmentally friendly car; they have been planning it and have now had time to research it, feel now is the time;

‘Live for Today’ mindset driven by the pandemic;

‘Cash for car’/Benefit in Kind (BiK) tax changes.

Reflecting upon the factors identified, Standish concludes; “People are still interested in changing their car, largely because they feel they need a car. This is being accentuated by social-distancing factors. The scale of activity is something we will have to wait and discover. What we can take from this anecdotal feedback is that COVID-19 and its implications on how we live in the months ahead are likely to impact people’s thought process when it comes to their future car buying.”

Press release issued by MotoNovo Finance, May 2020


The level of people applying for finance or seeking a finance decision in principle has increased on findandfundmycar as more people are seeing cars as a necessity. Take a look at the top 10 list of factors that are driving buyer interest...

What is driving car buying interest right now? The top 10 reasons

Following MotoNovo’s announcement that is was lifting its lending restrictions, the business has seen a surge in proposal and business activity. In the period May 11-15th, finance business activity returned to around half of pre-lock-down volumes. This heartening level of finance activity offers a positive sign to dealers seeking to establish Click & Collect services in England following the recent Government advice that this option is available to them.

“The first week of activity following our move to lift lending restrictions has delivered an encouraging impact; especially since the lock-down was very largely in place and that showrooms were and must remain closed,” reflects MotoNovo CEO, Mark Standish.

MotoNovo’s business activity May 11-15th revealed:

More telling is an assessment of this latest performance, achieved in a lock-down period compared with the comparable pre-lock-down March data:

Proposals were 65% of normal pre-lock-down period in March

Payouts were 60% of normal pre-lock-down period in March

Standish notes; “This data provides a promising indication for dealers in England looking to develop a click & collect service; it also points to the importance of finance. From experience in previous challenging economic times, we expect to see strong demand for dealer finance because access to unsecured lending is often more restricted than secured HP/PCP finance. The increase in customer finance activity at our findandfundmycar.com over recent weeks is evidence of this trend. Leading on finance availability and affordability will be important to dealers looking to create customer interest.”

In providing encouragement to dealers, Standish is quick to point out the critical need for all dealers to undertake mandatory risk assessment requirements, completing all necessary steps to protect employees and customers before opening a click and collect service, as he concludes;

“While I am heartened by these early results, we must recognise that we are not going back to business as normal. It is time for dealers to reassess their business models to get leaner and closer to their customers. At the top of this change list right now must be the required risk assessment actions to keep people safe and create reassurance and buying confidence for customers and staff. To assist the dealer community, we have developed a risk assessment toolkit that signposts dealers to resources that can help them to develop an appropriate health and safety approach.”

Since lifting lending restrictions, MotoNovo has seen a surge in proposal and business activity; a positive sign for dealers in England looking at click & collect services. CEO Mark Standish addresses the next steps dealerships will need to take...


Positive demand signs for click & collect

There has been a step-change in visitor activity at findandfundmycar.com through the enforced lock-down period:

Central to this accelerating trend has been one of findandfundmycar’s critical USPs; access to online dealer finance. Reflecting on the trends, CEO Mark Standish notes:

“One of the most compelling KPIs is the notable increase in our site visitors engaging with our financing options, which is a sure sign of car buying ‘interest’ moving through to ‘action’. The levels of people seeking a finance decision in principle and those completing a full finance application have both increased significantly.”

 Activity trends through the lock-down period have seen an initial fall in visitor traffic as the lock-down and inevitable uncertainty surrounding COVID-19 commenced, followed by a period of sustained growth.

Crucially the amount of time visitors have been spending on the site, looking at vehicles and at the platform’s unique finance capabilities, point to genuine car buying and financing interest. This is reinforced by the number of people re-visiting the platform to seek more information, or to progress their initial car and finance interest. The trends to online car buying and financing are ones that Standish sees being sustained when the current restrictions are lifted, as he concludes:

“It seems likely that for many people, the move forced on them by the lock-down to broaden their online activities will become embedded. Whether they have been browsing for a car or using online shopping for the first time, the genie is not going to go back into the bottle. This will be especially true for non-emotional purchases such as finance. Dealers can be reassured that as more customers adapt to online finance without the need to visit a showroom, that with findandfundmycar the finance customers’ choose is theirs.”

Press release issued by MotoNovo Finance, May 2020

It's inevitable that the car buying journey is becoming more digital. The trends to online car buying and financing are ones that CEO Mark Standish sees being sustained when the current restrictions are lifted.

Car buying still top of mind for customers

‘Wherever there is change and wherever there is uncertainty there is opportunity’

                                                                  - Mark Cuban, American entrepreneur and investor

In 12 words, this quote summarises the approach we must embrace in re-opening used car retailing. Changes following the COVID-19 lock-down period are inevitable. Nevertheless, people will still want to buy cars/vans/motorcycles. I believe that dealers are positioned perfectly to deliver the buying experience, products, services and reassurance customers will seek.

Economically and in terms of confidence, the impact of COVID-19 will continue to resonate; we should plan for a protracted period of austerity, uncertainty, economic hardship and rising unemployment.

The credit-crunch experience provides a guide to what we can expect as people adjust their spending activities. There was a shift to the greater value afforded by used cars and a ‘cool to be frugal’ ethos. Used cars, demand may also benefit from people delaying a move to new AFVs due to their high purchase costs. As well as value, social/working changes can benefit used cars sales:

Social distancing will see some people switch from public transport/car-sharing to using their own car;

Flexible working/proposed shift working patterns to reduce commuting/social interaction can drive interest in car usage;

The lifting of lock-down and a reluctance to travel abroad can encourage ‘staycations’ and UK-wide travel;

Remote working practices may see people move out of urban locations to areas where car ownership becomes more desirable.

In used car buying, people still like to see and touch cars and interact with dealers staff. In the immediate future, contact must respect social distancing with the phone and video-conferencing services having a greater role to play. Providing reassurance will be crucial and dealers can develop their proposition to help customers to make an informed buying choice.  

Bring your broader offer to life online - your ethos, history, people, capabilities and services, as well as cars. As the move to local shopping has shown in the crisis, people don't just want a low price; they value local service.

Finance - the value of the payment holiday potential of HP and PCP finance has become evident in the last few weeks. Dealer finance can give you an edge and in the coming weeks as we expand our risk-based pricing product, the appeal of dealer finance can increase further.

Added Value Services to ‘De-Risk’ Car Buying – uniquely in motor finance, we have continued to offer PPI services. Protecting themselves to cover life, sickness and unemployment risks saw more people selecting this service in March and we expect this type of reassurance from PPI and other ancillary services to remain compelling for buyers in the months ahead. 

Dealers are not immune to the necessary market changes. Financial discipline is all-important, costs must be challenged and new business practices formed. Digital will be a crucial part of this change. Review your digital capabilities and distribution channels/partners to ensure the cost/value works for you while also assessing distance selling, home-delivery and click & collect options.

If our team and unique product and service portfolio can help, we welcome the opportunity to do so.  

Press release issued by MotoNovo Finance, May 2020 


Positivity, hope & willingness to adapt are so important. CEO Mark Standish issues an open letter to the UK motor retailing community looking at the future of the motor industry...

An open letter to the UK motor retailing community

The announcement by the Financial Conduct Authority (FCA) of the help available for motor finance customers was welcomed by MotoNovo Finance, which had already introduced a range of measures mirroring the FCA’s proposals, helping a significant number of people in this unprecedented period.

Customers have been able to access a range of services including a flexible period of breathing space and zero or reduced payments for up to three months, to ease any immediate anxiety associated with their ability to meet regular monthly repayments.

To accelerate customer support, MotoNovo developed and deployed an online instant approval 3 month payment deferral process.  This development has enabled the business’ team to spend more time to speak with people who urgently want to discuss their individual situation. To date, MotoNovo, which is one of the UK’s largest used car finance businesses, has helped around one in sixteen of its customers to take up one of the assistance options available to them at this difficult time.

Overall, CEO Mark Standish is proud of the way the MotoNovo business has responded, as he reflects;

“The Coronavirus crisis has been challenging for everyone in financial services. At MotoNovo, my overwhelming reflection on our approach is one of pride for the way our team has reacted and continues to adapt to help our customers and support one another.

“As a business, our purpose is to provide products and services that deliver a compelling customer experience. In achieving this, COVID-19 has been the ultimate challenge to date. Doing the right thing to help customers meant first securing our team and a new home-working model. We reallocated over 170 extra team members to our customer facing teams and well ahead of the FCA proposals, developed a broad forbearance proposition to help many people impacted by the pandemic. All of this was up and running immediately when lockdown was invoked.

“Customer feedback has been overwhelmingly positive and understanding. That said, I recognise that the scale of enquiries and our need to adapt has seen delays for some people, for which I apologise. Our customers can be assured our commitment to care is absolute.”

Customers seeking a three month payment deferral with MotoNovo are being encouraged to use the business’ self-service portal MyMoneyManager to start their support journey. The process is straightforward and the approval process is very quick. Unless a customer has a direct-debit scheduled within five days of approval, which cannot be suspended, the deferral will start straight away.

Any customer who feels the need to talk to MotoNovo direct can continue to do so, telephone lines are busy, but the team is eager to help everyone as quickly as possible.

As well as support for regular monthly repayments, MotoNovo is keen to ensure that customers are aware that: 

No customers will be charged default interest or arrears related fees during this period of uncertainty. Refunds are being given for any fees that have applied in recent weeks;

People who take advantage of any of MotoNovo’s ‘forbearance’ support can be reassured that MotoNovo is protecting their credit file  with credit reference agencies implementing a measure called ‘Emergency Payment Freeze.’

Customers can discover additional support and information, including the implications of payment deferrals or reduced payments and what these terms mean at: https://tinyurl.com/qwyekhg

Press release issued by MotoNovo Finance, May 2020 

The FCA's announcement was welcomed by MotoNovo Finance to continue supporting customers during this unprecedented time. Customers have been able to access a range of services to help with their monthly repayments...

MotoNovo Finance coronavirus support for finance customers

MotoNovo Finance has announced that it is lifting the lending restrictions that have been in place during the lock-down period with immediate effect. It is a move designed to help dealers to re-start their businesses as we head towards a phased lifting of the current lock-down requirements and move to a new social-distancing retailing model.

Commenting on the decision, MotoNovo CEO Mark Standish notes: “At yesterday’s daily Coronavirus briefing Robert Jenrick, Secretary of State for Housing, Communities and Local Government stated that it is government's "mission to ensure everything we can do is done to help people go back to work safely and to reunite friends".

“In the same way that we have and will continue to support steps to tackle COVID-19, we must all recognise that we have to find ways to re-start the economy. Peoples livelihoods, mental well-being and health for those unable to seek treatments during the lock-down must be factored into the need to establish a new operating normality. The continuing need for social distancing means that access to a car will be crucial for many. For this reason, we have mobilised our resources. We are ready to help dealers to adapt to the critical social distancing needs and the essential need for many consumers to access finance safely and with confidence.”

As well as re-starting all lending activities, MotoNovo is rolling out a package of support tools to guide dealers on how to manage their business in the new climate. These include social distancing and distance selling guides. Since finance has such a key role to play in helping dealers and customer to come together, MotoNovo is committed to highlighting the availability of www.findandfundmycar.com as a tool that not only promotes dealers’ stock but as a way of enabling customers to access dealer finance safely from their homes to minimise social contact.

Mark closes by reflecting; “We cannot underestimate the importance of the economy on people’s lives. This morning the Bank of England has warned that the coronavirus pandemic will push the UK economy towards its deepest recession on record. We have a duty of care to one another both to support COVID-19 safety and to ensure we re-start the economy. Together with dealers, we are committed to doing our utmost to rebuild confidence and reassurance to the public at large and it starts now.”

Following the latest coronavirus daily brief, MotoNovo have updated their payout process with immediate effect to help dealers re-start their businesses as we move towards a new social-distancing retailing model.

MotoNovo ready to help the dealer community to re-open now

“COVID-19 has been tough for the dealer community, but looking at things optimistically, it can be the catalyst for positive change. It is time for dealers to seize the initiative, re-engineer their businesses and get closer to customers. Radically cutting out the middle-men in the car distribution chain that has added friction and cost to customers’ buying experiences.” This is the considered call to action from MotoNovo CEO Mark Standish.

Central to Mark’s thinking are five ‘controllable’ areas across the supply chain that every dealer can assess and control:

Used vehicle stock – determining who and if third-parties can leverage its value;

Customers’ online journeys – from aggregators/lead suppliers to internal contact processes, what is the online customer experience and what areas of friction can be removed/reduced?

Digital capabilities – how can you improve in-house skills and leverage support from your suppliers to create a richer, online customer experience of your dealership, services,  culture and expertise and enhance the quality of vehicle information?

Costs – consider how to become leaner and reduce costs permanently;

Supplier review – are your key relationships centred on collaboration; are suppliers adding value (or taking it) both in their core areas of expertise and in adding to your capabilities in other areas such as digital expertise?

Mark believes that the challenges thrown up by COVID-19 can prove to be a decisive watershed moment for car retailers, noting: “The shift towards digital car buying model has been testing for many dealers; profitability and critical customer relationships have been eroded by a series of online businesses placing themselves between the dealer and car buyer. It has been neither deliberate or rapid, but as the saying goes; ‘dripping water will erode an entire mountain, possibly without the mountain noticing.’ It is time for dealers to take out costs and competition and make digitisation work for them and their customers.”

The rationale to get closer to customers and reduce marketing costs was behind MotoNovo’s launch of findandfundmycar in 2018. Through the lock-down, the consciously dealer-centric used car marketplace has come of age. Dealer and stock numbers have risen notably as is the time customers are spending on the site which, has undergone a full revamp this year.

Dealers have an opportunity right now to establish the ‘network effect’ of a dealer-led marketplace platform. The co-operative appeal of findandfundmycar.com has always been clear and it has enjoyed sustained and steady growth, but if dealers want to free themselves of cost, competition for F&I services and get closer to customers now can be the right time, right place. As Mark concludes the choice is theirs;

“As a  long-term dealer-centric business we pride ourselves on helping the dealer community. Right now, I am very aware of the pressure on dealers, but I don’t believe that the way forward is to ‘do what we have always done.’ Now, is the time for dealers to assess how to re-engineer the car retailing model, cut costs and gain greater control of their businesses and customers. We can help with findandfundmycar; it is over to dealers to help contribute to and accelerate the footprint of a marketing platform built to support them.”  

Mark Standish reflects how "COVID-19 has been tough for the dealer community" but now "is time for dealers to seize the initiative, re-engineer their businesses and get closer to customers"...

News - May 2020

What is driving car buying interest right now? The top 10 reasons

Positive demand signs for click & collect

Car buying still top of mind for customers

An open letter to the UK motor retailing community

MotoNovo Finance coronavirus support for finance customers

MotoNovo ready to help the dealer community to re-open now

It’s time to re-engineer the car retailing model

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