A year on from the Financial Conduct Authority (FCA) ban on discretionary finance commission in January 2021, the impact of MotoNovo’s ground-breaking risk-based pricing model, launched well ahead of the FCA’s changes, continues to be evidenced year on year as end of December 2021 data reveals;
- 59% of MotoRate based proposals were accepted versus 41% for non-MotoRate Terms
- Proposals that used MotoRate were 56 % more likely to proceed to pay-out than non-MotoRate proposals
“With both MotoRate and traditional fixed-rate options available to our dealers, the evidence is compelling. With MotoRate, dealers are more likely to gain an acceptance and the smooth, rapid process means approved customers are significantly more likely to proceed than those not using the product” reflects MotoNovo's Managing Director, Karl Werner.
MotoNovo’s data also suggests that more dealers appreciate the impact of MotoNovo. Year on year, the product’s usage has snowballed.
- 60% of paid out proposals were based upon a MotoRate proposal compared to 43% in the previous year.
“It’s working really well; it makes it a lot easier when a customer asks about rates of interest.
It relaxes them knowing that it depends on their circumstances and it’s not down to us. The negotiation over rate is completely removed. Our Sales staff deal with both new and used car customers, so the conversations and experience can be varied. What MotoRate has done for us is create a really transparent and simple process – which being a bit remote still, of course, has been a great assistance, to be honest.” - Aberdare Ford
Press release issued by MotoNovo Finance, February 2022