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Recent weeks have seen an impressive run of industry-wide recognition for MotoNovo. Our CEO, Mark Standish, puts the success down to a positive and proactive approach through the unprecedented backdrop of Covid-19.

Here are all the awards we’ve won this year:

Finance Provider of the Year - Motor Trader Awards

Best Independent Lender (Bank Owned) - Car Finance Awards

Bank Owned Independent Finance Provider of the Year - Motor Finance Europe Awards 

Best Vulnerable Customer Support - Covid-19CCS Awards 

Best Brand – Highly Commended Lending Awards  

Fraud Prevention Team of the Year - Credit Awards

Finance Provider of the Year - Motor Trader Independent Dealer Awards (Feb 2021)

 “From the outset of the pandemic, we took a conscious decision to do everything we could to support and care for our teams, our motor dealer partners and our customers. The challenge was to tackle the immediate need to help people and dealers affected by COVID-19 while also addressing significant regulatory changes in motor finance that also required urgent attention.

“A positive and proactive approach has seen us launch a series of innovations, re-engineer many of our processes and support measures and re-deploy and train team members to help customers at the point of greatest need. The strength of customer feedback has reflected the effectiveness of our approach, our Trustpilot review rating has been maintained at 4.7/5 from well over 22,000 customer reviews. I couldn’t be prouder of our entire team and their efforts. These awards are fantastic recognition for them, reflecting the breadth of work undertaken and its impact. Furthermore, these accolades are also testament to the strong relationships we hold with our supporting dealers”      

“We are very proud of our commitment to our customers and partners. Serving their needs has always been achieved through a great team and team spirit. From the outset of lockdown, we recognised that the unprecedented situation would inevitably be challenging for many of our ‘MotoNovians’ and we needed their commitment and expertise to enable us to help the people and businesses we serve.  Attending to their motivation and well-being has made everything else possible. Here again, the team stepped forward with imaginative support initiatives to keep everyone energised and informed. Moving our annual Team Awards event to a virtual conference hosted by Stephen Mulhern was a perfect example of how the team kept the business momentum moving forward.

“The overall result is that by doing the right thing for our team members, customers and dealers, we will emerge from the pandemic into the ‘new normal’ having grown in scale and reputation. It has been a perfect win, win, win position for customers, dealers and ourselves”

Over the past year, our teams have not only been supporting our customers and dealers, but have been improving our proposition, working behind the scenes on creating and improving products to improve the car buying journey.

Our 2020 award wins

With EVs storming the market it’s easy to see why diesels are starting to get a bad rep, but there’s strong evidence that there’s still demand for diesels in the used car market.

Okay, so the Government has announced that only electric vans and cars will be allowed to be sold in the UK by around 2040. This is part of a long-term strategy to make the UK greener and combat air pollution, but there’s still a long way to go. In the run up to this, there are still more diesels in the used car market than EVs and dealers can benefit from understanding consumer needs when it comes to used diesels.

In the used car market, diesels heavily out-number EVs

For potential used car buyers, old diesel ‘tech’ is proven and reliable. Whereas older EV’s may present some concerns in terms of battery life/deterioration

There’s a limited range of used EVs on the market, and those available may have limited capabilities compared to more advanced models

C02 emissions from diesel cars are generally lower than their petrol counterparts

Slightly newer used Diesel cars produced from 2015 onwards comply with Euro 6 regulations – they’re the cleanest in history

EVs come in at a much higher price point, making them an unattainable dream for many consumers

It’s no secret that electric vehicles are (quite rightly) the future, but at a time when the ongoing Covid pandemic is impacting consumer confidence, employment and the economy, a new EV might not be a viable option for many people. The significant growth in sales, post the initial lock-down, was in used cars and often older, more affordable used cars.

It’s looking likely that there will be a long ‘tail’ to the diesel vehicle market. Here’s what valuation forecasters CAP HPI, noted in their review of the UK’s October used car market;

“The data also shows diesel cars are selling quicker than petrol ones on retail forecourts. Diesel models have also dropped by less in trade value (-0.4% for diesel, -0.7% for petrol), illustrating that in the used car market at least, diesel cars remain in demand, particularly larger vehicles.”

Speaking about EV’s, the same report noted; “Electric vehicles volumes continue to increase in the market, and while for many models, supply and demand are well-matched, several models have been under price pressure. Some mainstream electric models that have dropped in value are the VW. Golf, BMW i3 and Nissan Leaf.”

The switch from combustion engines to EVs will probably be a controlled one as supply and demand begin to align. Right now, for many people looking at a used car, the overall used diesel car proposition is continuing to stack up.

By 2040, the Government has announced that only electric vans and cars will allowed to be sold as part of a strategy to make the UK greener. While there's a long way to go, there's still a strong appetite for diesels in the used car market right now.

Diesels - still plenty of life in the used car market

“January 28th is a pivotal opportunity for motor finance to reinvent itself and create a new level of consumer trust and confidence in the dealer finance model. It is also a very significant opportunity to start making major in-roads into the used car finance market, increasing the share of wallet from the very modest levels we see today when compared to the new car finance sector.” This is the call to positive action CEO Mark Standish as the clock for change ticks down.

The prize of increased trust and confidence Mark sees is one that he believes can help dealers to increase the percentage of used vehicles they finance, which ranges from 20-40% penetration levels typically across the industry, recognising that new car finance penetration is well over 90%, according to FLA data. He also thinks it can help to support used car sales and head off the increasing threat from market disruptors, many of whom focus on the trust and confidence issue.

The key to positive change Mark is convinced lies in embracing the spirit and letter of the Financial Conduct Authority’s (FCA) Policy Statement and the link between the changes required and the FCA’s objectives;

“We aim to make financial markets work well so that consumers get a fair deal and to secure an  appropriate degree of protection for consumers.”

At the heart of creating positive change, Mark believes has to be the lending community in embracing the spirit and letter of regulation, in developing a finance approach that works for consumers, dealers and lenders as he notes;

“Since June, we have seen the positive impact of creating fair customer outcomes with our risk-based pricing model MotoRate. Customers have benefitted from an interest rate reflecting their credit status set by us, not our dealers and dealers have benefitted from higher finance volumes and trust, something we have measured very carefully through independent research. Finance volumes from over 2,000 dealers embracing MotoRate have grown over 70% new business year on year.

“Customers, dealers and MotoNovo have all benefitted demonstrating what can be achieved with an imaginative approach. I am aware that there is the potential option of flat-rate pricing models, but I have yet to be convinced these will deliver the same winning outcome for all parties I can also see the potential risks.”

In arriving at this conclusion, Mark points to extracts from the opening pages of the FCA Policy Statement:

We believe it is necessary to ban motor finance commission models that incentivise brokers to set customers a higher interest rate to earn more commission. Breaking the strong link between customer interest rate and broker earnings should reduce financing costs for consumers

We believe that banning discretionary commission models will lead to alternative remuneration models where lenders and brokers are incentivised to create and sell competitively priced loans. Lenders will have better control over the interest rate that consumers pay. This should mean that lenders originate more loans, and should be increasingly incentivised to offer competitive financing terms.

Ultimately, once motor finance firms move away from discretionary commission models, we expect to see consumers’ financing costs reduce.

“The FCA expects customers to get a fair deal, this is implicit in their core objectives and this, at least in part, they see as being achieved by financing costs reducing in motor finance; they have even put a £165M figure on this saving. I believe all lenders recognise the FCA’s aim and the challenge in doing so in a manner that supports dealers. We have shown this is possible and if the lending community recognises this path, we can change the market to the benefit of all of our stakeholders.”

“While seeing the ‘carrot’, I also recognise the ‘stick’ and everyone in dealer finance needs to realise this.”

FCA Policy Statement – Measuring Success

“We will look closely at any attempt by a motor finance firm to introduce a commission model that could lead to the same harm that we have sought to ban.”

Press release issued by MotoNovo Finance, November 2020


CEO, Mark Standish, talks about embracing the spirit of FCA change to deliver an approach that works for customers, dealers and lenders alike. 

How to deliver increased trust and confidence

* The new digital reservation tool has now been extended free until the end of March 2021


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MotoNovo Finance has launched a new digital reservation tool that will be free until the end of February, that supports the move to online car sales 24x7 which is ideal for the lockdown restrictions now in place across much of the UK.

When it comes to offering online sales and a home delivery or click & deliver service, securing the initial reservation is a critical first step. The new reservation tool provided by MotoNovo meets this need, bringing customer and dealer together.

Customers can find the vehicle they want on a dealer’s website, pay a reservation fee, choose their preferred finance product, amount and term and select an option to collect, where appropriate, or take delivery of their new car, van or motorbike.

Reflecting on this latest innovation, Mark Standish, CEO notes: “Making online sales that bit easier for dealers and their customers in the current operating conditions is another way in which we are helping dealers and customers to come together. It also gives dealers a smart new dimension to their proposition, the ability to offer 24x7 capability. They can now turn the significant levels of out of hours buyer interest that we know exists into a solid sale.” 

By paying a fee through the new online reservation tool, using a debit or credit card, customers can reserve a specific vehicle that removes it from sale. Dealers set the amount paid to reserve the vehicle and the time for which the vehicle is taken off the market.

The development will benefit more than a thousand dealers that use MotoNovo’s Quote and Propose technology and is ideally suited to supporting the move towards click and deliver and home-delivery sale.

At the heart of this step is MotoNovo’s commitment to collaboration with dealers and the organisations with which it works, such as long-term technology supplier iVendi with whom the reservation tool has been developed. As Mark concludes, collaboration is a trend that can help the future of used car retailing as he notes;

“A key learning this year has to be the importance of collaboration. Working together, businesses can be quicker, leaner and better aligned to meet the challenges ahead. This latest rapid innovation is a classic example and by making it free until the end of February, we are reaching out to our dealers to demonstrate once again that a closer working relationship can create a Triple Win that works for dealers, their customers and MotoNovo.”

In a move to continue supporting dealers through lockdown, MotoNovo have launched a new digital reservation tool that supports the move to online car sales 24/7. CEO Mark Standish reflects on the latest innovation...

News - November 2020

Our 2020 award wins

Diesels - still plenty of life in the used car market

How to deliver increased trust and confidence

MotoNovo release online reservation tool to help dealers through lockdown

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