Top 5 reasons MotoRate is the key to Covid-19 recovery

At MotoNovo, we’re committed to supporting dealers to create positive changes for the emerging new operating environment.

Our first to market, risk-based pricing approach is enabling dealers to promote a highly competitive headline APR, with rates tailored to the customer’s personal circumstances.

MotoRate can stand to benefit the customer, dealer and lender and is a step in the right direction for dealer finance. If you’re wondering what it’s all about, here are the top five reasons you might want to choose MotoRate for your dealership.

1. Covid-19 will likely result in low consumer and business confidence. As an industry, we need to re-enter the market with improved and trusted solutions. MotoRate provides a more personalised and tailored journey for customers, helping to improve both customer and business confidence in the showroom.
2. There is opportunity in the ‘new world’ to improve vehicle finance penetration for dealers, which has historically been static at around 18%. MotoRate expands the reach of dealer finance as a result of the rate being tailored to the customer’s circumstances. Don’t just take our word for it; dealers on our pilot saw an increase in finance penetration of around 40%.
3. The FCA Motor Finance Review highlighted the need for change in the motor finance industry, and a ban on discretionary commission models is expected later this year. MotoRate offers a transparent rate which is reflective of the customer’s circumstances, which will help to build trust between the customer and dealer.
4. New data suggests that in the prevailing Covid-19 environment, it is becoming harder and more expensive for consumers to access unsecured personal loans. The MotoRate model is more aligned to other finance sectors and will help dealer finance remain competitive in a challenging market.
5. Covid-19 is expected to accelerate the move to online finance with its transparency and accessibility benefits; the need for digitisation has shifted from ‘high priority’ to ‘crucial’. MotoRate offers an improved customer journey that starts online and finishes with a personalised pricing plan, selected via Self-Serve.

“At a stroke, we can change things; driving up finance penetration with highly competitive rates; embrace FCA requirements; let customers’ control their finance journey and remove some of the negative perceptions of dealer finance promoted in the media.”  Mark Standish, CEO

Are you interested?

Click here to download your full MotoRate guide, or get in touch with your local Account Manager using the box below to learn more.