MotoNovo aims to drive competition in car sales

MotoNovo Finance is planning to launch a vehicle sales website to challenge the likes of Auto Trader.

Group Chief Executive Officer, Mark Standish, said MotoNovo would launch findandfundmycar.com in the second quarter of 2017.

MotoNovo has signed up 1,500 dealers with more than 100,000 used vehicles for sale on the findandfundmycar.com site, which will include motor finance.

The company is now the UK’s second biggest user car finance lender, generating profits of £63m, forecast to rise to £200m in five years. Of that, Standish said £150m would come from motor finance, and £50m from new business. Staff numbers are projected to rise to about 1,000, of which 800 to 850 will be in Cardiff.

Read more at Insider