MotoNovo Finance was awarded Finance Provider of the Year at the 2018 Motor Trader Awards for the multi-million pound launch of FindAndFundMyCar.com, the online classified website and finance aggregator.
The online car marketplace is aimed at driving used car sales for dealers and increasing finance penetration. It was designed with the help of dealer groups and features more than 1,600 dealerships advertising stock to consumers.
Dealers fund the multi-channel advertising, which drives traffic to the website. The website is non-profit and all funds go into marketing.
In its submission MotoNovo described the site as co-operative principle, where every dealer pays the same and cars are ranked by price alone to promote transparency. Findandfundmycar.com dealers have seen a 9% increase in volume and a 16% increase in finance proposals in March 2018 year on year.
More than half (58%) of all customer searches included a dealer finance search; around twice the estimated level of traditional online activity.
One in five consumers have been made aware of findandfundmycar.com and the site’s buyer trust scores continue to increase since launch. The site advertisements have been a hit with women and those under 44, key target financing audience.
The Motor Trader Awards Judging Panel were impressed by the launch of FindAndFundMyCar and its impact on the market, saying “It is highly innovative and brings something new to the market that is dealer orientated. It attracts more consumers to dealers’ websites and showrooms and that has to be a good thing.”