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MotoNovo Finance’s innovative Supplier Direct Funding stock funding service grew by 43% year on year in 2023      

The total value of funding since launch now exceeds £100m 

January saw record funding, up 30% on the service’s best monthly performance.

MotoNovo Finance’s Supplier Direct Funding (used stock funding service) continues to gain momentum and is now available to dealers in every country within the UK. The service partners, with eleven leading auction partners, provide a compelling presence with 34 physical sites and a broad range of online options. 

Supplier Direct Funding, which is just one of the stock funding options available from MotoNovo, can be used to stock cars, LCVs and motorcycles, has been a huge hit with dealers who value the convenience of the service and the way in which the digitised process takes time and cost out of the funding process. 

The time and productivity factors resonate with dealers, with almost half of them identifying staff costs as their greatest challenge this year, according to recent research. Every day saved through the seamless Supplier Direct Funding process contributes to helping make a dealer more productive, and even the smallest dealer can expect to save at least four days a year by using the service. 

As MotoNovo’s Director of Motor Sales Operations, Chris Rowthorn, observes, it is time that can be used far more effectively;

“In designing Supplier Direct Funding, we had a clear vision to take time and money out of the traditional used stock funding process. The time required to load stock onto the stocking platform and stock auditing are just two of the repeatable tasks we have been able to remove or reduce by automating much of the process. Nor does that include the inevitable human error loading issues that we know can occur, which can be very time consuming to address. At launch, we were confident these would be delivered, and I’m very proud that we’ve done so and that word of mouth in the trade has driven the service’s growth as a result.”

In 2023, Supplier Direct Funding helped well over 300 dealers keep their forecourts stocked and saved them approximately 1200 staff days cumulatively. With its current upward trajectory and backing, MotoNovo aims to see the service grow significantly in 2024.

Press release issued by MotoNovo Finance, February 2024

Our Supplier Direct Funding offering continues to gain momentum and is now available to dealers in every country within the UK. Hear more from Motor Sales Operations Director, Chris Rowthorn. 

Supplier Direct Funding sees record growth

The Zero Emission Vehicle (ZEV) mandate will be a challenge for some OEMs, which could affect the used BEV market.

Under the government’s ZEV Mandate,  22% of new car sales need to be zero-emission at the tailpipe, and this number will continue to increase in the coming years, with 80% of new cars and 70% of new vans sold in Great Britain to be zero emission by 2030. 

Missing the target will mean a £15,000 fine per non-compliant car sold for missing the target for OEMs. For vans, the fine is  £9,000 in 2024, rising to £18,000 after that. The concern is that OEMs, accounting for 75% of new car sales, missed the 22% target level last year. In the year to September 2023, only Tesla, MG, and Geely, which includes Polestar, Volvo and Lotus,  BMW and Mercedes-Benz, achieved the level of Battery Electric Vehicle (BEV) sales required.

Industry data experts Indicata are concerned that the push to achieve the ZEV targets could negatively impact the used BEV market, with dealers choosing to stock lower priced models to protect their cash flow and avoid falling prices. There is some early evidence that this might be the case. 

January data from Cap HPI revealed that used car prices dropped by  0.1% in the month after falls of 10.5 per cent in Q4. Within this, diesel and petrol cars saw values rise by an average of 2%. However, BEVs fell by 1.8%, as did hybrid vehicles. The situation may not be fuel-dependent; demand is at ‘the cheaper end of the market’ according to Cap HPI, and because there are very few older BEVs, the average value of all-electric cars is at the high end where consumer demand across all fuel variants has been struggling.

Yet again, it is another reason why MotoNovo continues to call on the government to incentivise used car buyers to buy a BEV, not just new business customers. Whole-life support for BEVs is needed because of the close and long-term relationship used cars have on new car monthly payments. The industry needs a booming used BEV market to match the targeted 22% market share expected this year. Without significantly increased demand for used BEVs, monthly payments for new BEVs could increase as residual values fall.

Under the government’s Zero Emission Vehcile Mandate,  22% of new car sales need to be zero-emission at the tailpipe, and this number will continue to increase. Commercial Sales Director, Debbie McKay, explores what this means for the used BEV market. 

News - February 2024

Supplier Direct Funding sees record growth

The ZEV Mandate accelerates the need for Government support to create the used BEV market

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