Supplier Direct Funding sees record growth

• MotoNovo Finance’s innovative Supplier Direct Funding stock funding service grew by 43% year on year in 2023
• The total value of funding since launch now exceeds £100m
• January saw record funding, up 30% on the service’s best monthly performance.

MotoNovo Finance’s Supplier Direct Funding (used stock funding service) continues to gain momentum and is now available to dealers in every country within the UK. The service partners, with eleven leading auction partners, provide a compelling presence with 34 physical sites and a broad range of online options.

Supplier Direct Funding, which is just one of the stock funding options available from MotoNovo, can be used to stock cars, LCVs and motorcycles, has been a huge hit with dealers who value the convenience of the service and the way in which the digitised process takes time and cost out of the funding process.

The time and productivity factors resonate with dealers, with almost half of them identifying staff costs as their greatest challenge this year, according to recent research. Every day saved through the seamless Supplier Direct Funding process contributes to helping make a dealer more productive, and even the smallest dealer can expect to save at least four days a year by using the service.

As MotoNovo’s Director of Motor Sales Operations, Chris Rowthorn, observes, it is time that can be used far more effectively;

“In designing Supplier Direct Funding, we had a clear vision to take time and money out of the traditional used stock funding process. The time required to load stock onto the stocking platform and stock auditing are just two of the repeatable tasks we have been able to remove or reduce by automating much of the process. Nor does that include the inevitable human error loading issues that we know can occur, which can be very time consuming to address. At launch, we were confident these would be delivered, and I’m very proud that we’ve done so and that word of mouth in the trade has driven the service’s growth as a result.”

In 2023, Supplier Direct Funding helped well over 300 dealers keep their forecourts stocked and saved them approximately 1200 staff days cumulatively. With its current upward trajectory and backing, MotoNovo aims to see the service grow significantly in 2024.

Press release issued by MotoNovo Finance, February 2024