A substantial run of business development success has seen MotoNovo Finance increase lending volumes significantly throughout Q1 significantly. The sustained momentum saw a record March performance for the business’ car, LCV, motorcycles, corporate and broker channels. The result was a record month that the business’ Managing Director Karl Werner sees as encouraging for the broader motor retail community noting: “The lending growth achieved with our partners demonstrates just how attractive dealer finance can be for consumers and businesses. Bank of England data published at the end of March revealed an annual growth rate for all consumer credit of 4.4% in February up from 3.2% in January, the highest increase since February 2020. Our success, achieved through organic and conquest success, significantly exceeds this number, demonstrating the value of our strong partnership ethos.”
The record performance beat MotoNovo’s previous record month set in July 2020, which was influenced significantly by the release of pent up demand following the first national lockdown following the outbreak of the Covid-19 pandemic by a notable 13%.
Looking ahead, while Karl recognises that the market is likely to see the impact of an uncertain global geopolitical backdrop and rising inflation at home, both of which saw consumer confidence ‘nosedive’ in March, he is confident that by collaborating ever closer with motor retailers, regardless of their scale, MotoNovo is helping dealers of all sizes to deliver a compelling car financing experience for all vehicle buyers, concluding: “The growth in our lending volumes has not been achieved overnight. It results from a considerable amount of work undertaken with and for dealers, addressing the significant changes we have seen. Pandemic support for dealers, fresh thinking to manage regulatory change and increased digitisation of the finance and stock funding models have all contributed to this success. Above these, I believe we gained a new edge by demonstrating mutual understanding and an ability to match and contribute to dealers’ agility to meet the many challenges head-on. It is a collaborative edge we will sustain.”