Growth as MotoNovo's stock funding service accelerates
Strong demand, record used car prices, and a struggle to source used stock were the key themes of the UK market in 2022. The signs in the year to date are that these trends have continued into 2023, with used car prices rising to record heights. Sourcing stock continues to be a challenge for the retail community, which is looking wider and paying more for the right inventory.
MotoNovo's stock funding service continues to grow to support dealer demand, and a crucial part of this growth is the business' digital stock funding tool, Supplier Direct Funding (SDF). Alongside other funding options, SDF has now recorded £50M in inventory funding for dealers and added to the range of remarketing organisations which have embraced the service as Chris Rowthorn, Director of Motor Sales Operations, announces;
"Surpassing £50m in lending represents a significant milestone for Supplier Direct Funding. It reflects the strong upward trajectory for this distinctive funding model, which measurably helps buyers to take time, cost and friction out of used car stocking. Established demand is also accelerating through our expansion of partners, and we are delighted to announce that we are now working with Motor Auction Group (MAG) at their locations in Rotherham and Corby."
The stock funding partnership approach embraced by Supplier Direct Funding sees MAG, one of the UK's oldest auction businesses, create a marketing campaign to support the launch, encouraging their customers to discover SDF's unique benefits. As Zoe Sutton, MAG's Sales Director, concludes, they are keen to promote the win:win appeal of the service;
"Supplier Direct Funding represents an opportunity for us to help our customers access well over 35,000 vehicles this year and do so in a manner that saves them time and money. We know all too well the time it takes to load stock onto a floorplan for dealers and the risk of errors. SDF digitises all this and buys time for dealers to search for and buy more stock. It is elegantly simple and effective.”
Press release issued by MotoNovo Finance, February 2022