Ex-MD of Group 1 Automotive has returned to the motor industry with an equity investment in car leasing comparison website Moneyshake.
Darren Guiver left the UK division of the Fortune 500 listed dealer group in November 2019 after nearly four years in the role.
He had worked in the motor trade for more than 35 years, having set up his previous dealer group Spire Automotive after a management buy-out of three Audi dealerships from HR Owen in 2006.
He has now provided a significant equity investment to the leasing aggregator and will play an active role in guiding the existing management team.
Guiver said: ‘Moneyshake is exactly the kind of fast-growth, technology-led business that I was looking for.
‘As the motor industry faces unprecedented challenges, Moneyshake’s technology is poised to revolutionise the way new cars are bought and sold.
‘Price comparison has been static for many years and our enhancements will create a new engaging way for customers to buy and the motor trade to sell – ensuring the best deal for everybody.
‘Beyond car finance, I’m excited to see which other industries the technology can ‘shake up’.’
Moneyshake has delivered more than £5m of written vehicle contracts in its first 12 months trading and has formed key commercial partnerships with MoneySuperMarket and Clearscore – now running their car leasing channels.
Eben Lovatt, CEO of Moneyshake, said: ‘Darren is the perfect investor to join our team.
‘Not only does this investment make a major positive impact on our business but his wealth of knowledge, motor industry contacts and commercial acumen is exactly what we need during our next stage of growth.
‘Darren’s active involvement in the business enables us to fast-track our business plan, providing access to key relationships that will help us to add more finance methods to our already market-leading leasing presence.
He added: ‘Car buying is fast becoming a wholly digital process. People want to know that they’re getting the best deal for their car, so there’s a greater demand for online platforms that allow buyers to connect with a variety of trusted dealers and brokers.
‘Our innovative UX [user experience], coupled with the launch of the next stage of price comparison technology, will provide our customers with a truly unique car buying experience.’
David Kendrick, partner at UHY Hacker Young in Manchester provided corporate finance advice to Moneyshake.
He added: ‘The Moneyshake team and technology is something I haven’t seen before and feel that they are primed to make a real difference in the automotive space but also other markets longer term.
‘Darren’s involvement will certainly accelerate the business considerably and it will be a very exciting journey ahead.’