Following the UK Court of Appeal judgment on Friday 25th October, we took the decision to pause new business from Monday 28th October while we worked to mitigate the legal implications to protect our dealers, brokers and customers.

We have now made the necessary adjustments to ensure the business can operate within the legal requirements set out in the judgment and are now open for new business in MotoNovo.

We do understand the pause to new business created challenges for you, and we thank you for your patience and support while we have been navigating the impact of the judgment. Dealer partners are encouraged to reach out to their account manager with any questions they may have during this time. Find out more here. 

Important update: We're back open for business

Interested in becoming a MotoNovo dealer? Get in touch today.

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Range anxiety is one of the most prominent reasons car buyers give for avoiding buying a battery electric vehicle (BEV).  Drivers wary of making the switch from petrol or diesel to electric frequently cite concerns that batteries will not last the journey, but is this true?

In 2022, the UK’s average annual mileage was 6,370. That’s 720 miles less than in pre-COVID 2019, the last year without lockdowns to skew the comparison.

The most common mileage bracket for Britain’s drivers was just 3,000 – 4,000 miles a year. 

Annual mileage of 6,600, of this, just 2,100 was for commuting

Even company car drivers only travelled an average of 12,700 miles

The data above is the most recent information available at the time of writing. It reveals the reality of today’s motoring: people are driving less than in 2002, when the survey first started, and the average mileage was 8,400. 

Looking at the average car trip distance, it is very evident that, as the market moves towards BEVs, range anxiety should seldom be an issue for many drivers. 

While it is reasonable to recognise that when the Nissan Leaf first went on sale in the UK in 2011, with an official range of 109 miles, the range and limited recharging infrastructure may have been a concern for many, not least of all because it was seen as new technology, today, the recharging network is good and getting ever better and faster. However, where people can fit a home charger, the need for the public charging network is likely to be limited to high days and holidays.

Today’s BEVs can usually travel between 150 and 300 miles on a charge, which should be more than enough for casual drivers and people who commute each day for work. Range anxiety and, arguably, charging anxiety (concern that a charger may not work) should only ever be an occasional issue for most drivers. 

Nevertheless, for some people, it may remain an issue. In this position, much like switching to a smartphone, as more family and friends make the change, their influence may be the most compelling factor in helping people appreciate that going electric is a viable choice.

Alice Sweet, Product & Propositions Director

Range anxiety is one of the most common reasons why car buyers are hesitant to make the switch to BEVs, but is it true that batteries won't last for long commutes? Hear more from Product & Propositions Director, Alice Sweet. 

Battery electric vehicles: range anxiety often more perception than reality

In March, our innovative Supplier Direct Funding stock funding service passed the £100M milestone, helping hundreds of dealers. In April, the service smashed its record monthly lending figure, and more dealers and remarketing channels continue to buy into what has proved to be a seamless, time-saving way to stock the cars that the market wants right now. 

The UK’s used car market rose by 6.5% in the first quarter of 2024 with 1,967,923 sales – the strongest start to a year since pre-pandemic 2019, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT) at the beginning of May.

Supplier Direct Funding, one of our inventory funding options, has seen sustained growth in sales over the last 16 months. Its digital capabilities, which are measurably saving money and invaluable time for dealers, have been a real game-changer. This seamless, time-saving option is also being embraced by the remarketing community, which is keen to take advantage of a funding option many of their buyers love.

The upward trajectory for Supplier Direct Funding is clear:

A record month for ££ volumes funded in April; in fact, April was almost a quarter up on March

Year-on-year stocking advances are up 78%

In just four months, Supplier Direct Funding has already funded 59.6% of 2023’s total volume

And this growth is undoubtedly helping our partners with a series of record year-on-year performances in April;

Digitising the stock funding/audit process will save dealers four days a year (and stress and frustrating rework), based on a typical dealer with 22 funded cars. This saving will increase proportionately for dealers stocking more vehicles.

Easy to apply and set up – as a growing number of dealers have discovered we are very open to helping them acquire the stock they want 

Dealers can use their stocking facility for payment, freeing up cash

MotoNovo pay 100% of the invoice price, including auction fees & delivery

MotoNovo pay 100% to the auction, and the Dealer pay MotoNovo the auction fees and the agreed percentage of the vehicle value (in line with the dealer’s terms) – payments are managed seamlessly by direct debit. 

So, if your dealership is looking to increase its stock or discover a smarter stock funding option, let us know. Call our dealer funding team on 0330 128 1730.

Interested in becoming a MotoNovo dealer partner? Click here.

Chris Rowthorn, Motor Sales Operations Director

Expanding forecourts and freeing up cash flow, we're supporting dealers with over £100M worth of funded stock through Supplier Direct Funding, . Find out more from Motor Sales Operations Director, Chris Rowthorn.

News - May 2024

Battery electric vehicles: range anxiety often more perception than reality

MotoNovo's stock funding is helping more dealers seize the day

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