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Launching Supplier Direct Funding in December of last year helped us offer our dealers an innovative solution to their stock funding needs, and we’re pleased to announce that we now have over £10 million worth of vehicles funded!

That works out at about 1,000 used cars, stocked and ready to sell, making us one of the UK’s leading suppliers of used vehicle stock funding.

Chris Rowthorn, Head of New Business Operations, describes Supplier Direct Funding as “an exciting development for MotoNovo, providing our funded dealer partners with improved speed, convenience and flexibility when purchasing vehicles from Motonovo Finance Approved Suppliers.

“By improving cashflow and the ease with which dealers can source and fund stock, we’ve enabled a range of features and benefits which give Motonovo Finance a competitive advantage over peer lenders, combining the expertise of a market-leading motor finance house with the capability of a specialist stock funder to create a compelling and unique offering to the dealer market.”

Our Supplier Direct Funding solution helps our dealers access quality stock directly from trusted suppliers. Stock is purchased and automatically loaded to the APAK unit stocking plan, reducing admin time and helping make stock audits quicker and easier.


Free up cashflow by paying at auction – funds are sent directly from MotoNovo with digital authorisation

Save time with stock details automatically added - manual uploads become a thing of the past as automatic stocking streamlines the process and reduces admin time

Manage everything in one place online – a fully digital solution brings stock funding into the digital world

Sell one vehicle, fund another – improving turnover time and getting stock onto your forecourt quicker

Our latest stock funding product is reaching new heights as we hit a milestone with our dealers. Find out more here.

£10 million of stock with Supplier Direct Funding

The Office for National Statistics (ONS) announced on July 14th that the UK inflation rate hit 2.5% in the year to June. It is the highest for nearly three years. The most significant contributor was transport, with the ONS pointing to strong growth in used car prices and fuel.

According to the ONS, the May to June period has seen car prices dip in recent years, but this year prices in June rose 4.4%, the most since records began in 1988. The causes of this rise, according to the ONS, have been well signposted elsewhere; consumers are buying used cars to avoid public transport, a shortage of new cars and a slowdown in the normal remarketing channel as a result of COVID and the fall in new car sales.

It has been a perfect storm, and there are no indications that these conditions will change rapidly, with consumer demand the most likely to fall back. However, as we know, this is not an example of dealers profiteering. Retailers are experiencing price inflation as they seek out inventory; prices are rising across the distribution chain.

The situation for used cars is not just a UK phenomenon; it is a global trend. In the United States, used vehicles represented over a third of the increase in inflation figures and used cars in Germany and Japan are trading at decade highs.

Running contrary to the ONS data, earlier In July, eBay Motors published data suggesting that average prices for the top 50 leading makes and models on Motors.co.uk dropped 1% from £12,149 to £12,024 – following the 1.9% sector-wide drop reported in May, despite the continued rise in wholesale prices. I have to wonder if this may be a trend that reflects a move by dealers to older, less expensive stock as stock levels decline. With pressure on other profits centres, I certainly hope so because it will be increasingly crucial to build chassis profit in the months and years ahead.

Electric cars will require less aftersales support; the FCA has been clear that it expects the ban on discretionary commission finance to deliver customer savings of £165m per year on finance plans, and the emerging OEM agency models has the potential to mean profit from used cars will become increasingly important.

I suspect many of us in the industry recognise that used car prices may have been artificially low for some time. A realistic realignment is probably overdue; for example, a higher car price and lower finance rate could well deliver broadly similar outcomes for all parties. Stock is king; running a leaner operation with a faster stock turn is important, but realistic pricing is essential for the longer-term health of the used car dealer market.

Debbie McKay, Head of Motor Major Accounts

With used car prices the highest they've ever been, hear from Head of Motor, Debbie McKay, on why this global trend is not only important now, but long term for the industry. 

Rising used car prices: what it means for you

From September, the FCA starts supervisory work assessing the impact of the new finance rules implemented in January; they will do so against the backdrop of their proposal for a new Consumer Duty. Due to come into force in July 2022, it will set higher levels of consumer protection in retail financial markets with a clear focus on culture.

The scope of the FCA’s September assessment includes;

Looking closely at any attempt by a motor finance firm to introduce a commission model that could lead to the same harm that they sought to ban.

Monitoring how well firms are complying with the ban on discretionary commission; this will include looking at what commission models firms use as an alternative to discretionary commission arrangements and the ranges of interest rates and commission earnings.

Undertaking point-of-sale mystery shop exercise to measure lenders’ control over dealer networks to ensure dealers/brokers comply with relevant regulatory requirements.

Inherent in the scope is the FCA’s published expectation that consumers would save £165m annually in credit costs. A recent trade publication article saw an unnamed dealer group boss express concern that if the FCA doesn’t think the measures have worked, the industry will face full disclosure during the sales process. We can only wait and see if this occurs. Our MotoRate finance pricing model, technology and oversight work with dealers leaves me confident but not complacent.

And then there is culture. The FCA has been clear, even without the planned Consumer Duty, its Principles already cover the critical importance of culture. However, in their work, they; ‘encounter too many firms that are not adequately considering the needs of their customers and prioritising good consumer outcomes as an objective of their business activities.’

It’s time to ‘double down’ to ensure compliant pricing, processes, controls and culture are all in place.



Jon Slater, Chief Strategy & Marketing Officer


Due to come into force July 2022, the FCA are proposing a new Consumer Duty to set higher levels of consumer protection. Chief Strategy & Marketing Officer, Jon Slater, highlights what impact this will have on your dealership.


The new 'Consumer Duty'

About a year ago we gave you five reasons to get your stock on findandfund, and it’s safe to say those reasons have stood the test of time. findandfundmycar.com is seeing record volumes of leads month after month, and continues to be a go-to for car buyers even in the midst of the pandemic.

Offering a tailored online experience, with finance options and home delivery at their fingertips, findandfund has adapted over the past year to meet the needs of the current car buyer. Even with restrictions easing at varying levels across the UK, we’re still seeing trend toward online car searches.

Up to 140,000 vehicles on site from over 2,000 dealers means customers have plenty of choice, and full-page advert views continue to increase month on month as a result.

Account Area sign ups are higher than ever as more customers take advantage of the ‘save vehicle’ feature to streamline their search.

Leads generated from findandfund are increasing every month too, hitting an all-time high in June and telling us that these visitors mean business.

Improving the Decision in Principle capability, our latest update delivers a more precise decisioning tool. Pulling in data from our live scorecard rather than relying on historic data, customers can get a more accurate indication of credit acceptance, without impacting their credit score. Once they know that, they can search for cars within their budget. 

Another recent feature is the home delivery icon, helping customers see which dealerships can deliver straight to their door. 

Helping customers realise the benefit of findandfund and our Account Area feature, buyers have the chance to win £1,000 off their vehicle finance when they find and fund their new wheels with us (until August 18th). We’re betting that makes a good conversation starter in the dealership!

Staying top of mind for car buyers, we also run quarterly campaigns in local and national press. Our latest campaign showcases the most popular sports cars around the world, in line with the Fast & Furious movie release. Earlier in the year you’ll have spotted us in The Sun, The Express and The Mirror talking about the legalities of driving with snow on your roof.

Variety of stock and a convenient online journey means more and more customers are choosing findandfund, which in turn is generating further leads for our dealers. We’re seeing monthly increases of up to 14% on visit to lead rates, showing that our visitors have a strong intent to buy. We’re reaching more customers than ever in the press, on social and via our targeted digital adverts – ultimately getting more eyes on our dealers’ stock.

Don’t miss out on a sale, get your stock on findandfund today.

Adapting over the past year to meet the needs of the current buyer, findandfundmycar.com is seeing record volumes of leads month after month. Take a look at why it's becoming a hot favourite with used car buyers. 

Why buyers are choosing findandfund

The pressure to switch to more environmentally friendly cars will mount in the months ahead. Birmingham and Bath have both introduced Clean Air Zones (CAZs) that will see fines/charges for the worst polluting cars entering the zones. Birmingham will see cars charged £8 a day every day of the year, and the local council recognises that around 25% of the city's cars will be impacted. However, consumer scepticism on electric vehicles (EVs) remains; so says Ford of Britain's MD Lisa Brankin.

In an interview with the BBC, Ms Brankin said many customers were sceptical about buying an electric vehicle, noting that from their own research, just over 10% of customers were actively considering a battery electric vehicle as their next purchase.

The long-established challenges remain. People are still concerned about a number of things - range, the charging infrastructure, the lack of information available to customers and obviously the price as well.

Cost is a factor; only 13 electric car models on sale in the UK at the moment cost less than £30,000, according to a Public Accounts Committee report. The up-front costs are perhaps exacerbated by continuing uncertainty about future values as technology and battery life evolve. At the same time, the charging network needs to develop, as does charging speed. All of this is set against the backdrop of Covid-19 and the uncertainty that it has created for businesses and individuals, financially and in terms of commuting/transport needs.

Sales of EVs are rising because these are the cars that OEMs are now making, but persuading motorists to switch to electric vehicles by 2030 remains a challenge.

Ms Brankin is amongst many who have called on the Government to introduce a comprehensive plan" to support a switch to electric vehicles "that involves all stakeholders and not just car manufacturers."

The government has said it is investing £2.8bn to help the car industry and drivers switch to electric, and the added EV costs will fall as production grows around the world. However, with competition on all fronts for financial support from the government, whether more will be forthcoming is uncertain. Even then, money alone is not the only cause of consumer scepticism.

Jon Slater, Chief Strategy & Marketing Officer

With only 10% of drivers considering an EV for their next purchase, what does that mean for the future of the electric car industry? Hear from Chief Strategy & Marketing Officer, Jon Slater, on how consumer scepticism remains. 

EV doubts remain for UK car buyers

The Financial Ombudsman Service (FoS) recently published its annual complaints data for the 2020/21 financial year (April 2020-March 2021; their report provides some fascinating data;

FoS received nearly half a million enquiries

Formal complaints ex PPI totalled 235,993

HP Motor accounted for 3.3% of complaints

Personal loans accounted for 3.3% of complaints

Bank Current Accounts, Home Loans and Guarantor Loans were the most complained sectors accounting for 28% of the total

This was achieved by signposting customers and businesses to the information they needed or giving a steer on a fair way forward. The other area of note was the modest number of complaints about HP motor finance, which were very slightly lower than for personal loans, despite the additional Section 75 Consumer Credit Act 1974 protection applicable to HP but not for personal loans.

The picture at MotoNovo is impressive, given the broader FoS benchmark; 97% of all complaints are resolved successfully with only 3% ever referred to the Ombudsman.

Reflecting upon the Ombudsman’s report MotoNovo Finance’s COO Dave Briggs notes;

“I am very aware that customer complaints and the Financial Ombudsman Service can be a source of frustration for dealers and that invariably dealers are committed to providing great customer service. However, in today’s increasingly litigious environment, we must do all we can to improve our processes and communication, engaging with customers to manage their expectations, generate goodwill and pragmatism.”

While it's important not to put barriers in place of customers who wish to complain, dealers looking to minimise complaints can look to a separate report published by the Ombudsman in January highlighting the key areas of HP/PCP complaints. These were:

A car that is faulty or not of satisfactory quality

The car or finance agreement was mis-sold or misdescribed to the customer and they were unhappy with a key term – like the annual mileage allowance

Unhappiness with charges that they’ve been asked to pay at the end of the agreement

“The list points to the importance of formal evidenced processes at the point of purchase. Ensuring transparency and understanding of the finance agreement and supplying rigorous PDI documentation/history at the outset set the scene for the customer. Should a complaint arise, addressing the customer’s concerns positively and fairly is always the right thing to do.”

Press release issued by MotoNovo Finance, July 2021

Chief Operating Office, Dave Briggs, looks at the Financial Ombudsman Service's annual complaints data and shares a few tips for your dealership.

News - July 2021

£10 million of stock with Supplier Direct Funding

Rising used car prices: what it means for you

The new 'Consumer Duty'

Why buyers are choosing findandfund

EV doubts remain for UK car buyers

Financial Ombudsman Service - HP motor accounted for just 3.3% of complaints

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