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

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;

• Manheim +61%
• Motor Auction Group +67%,
• Fleet Auction Group +107%

At the heart of its success

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

Making stocking easier

• No additional fees (usual fees apply)
• 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