7:37 am, April 8, 2022
MotoNovo Finance broke its own lending record in March with a 40 per cent year-on-year increase.
Its previous record was set in July 2020 when dealerships were coming out of the first national lockdown and March’s result was 13 per cent higher than the year before.
Meanwhilke, its first-quarter lending exceeded that of 2021’s first three months by 42 per cent.
Managing director Karl Werner, pictured above, said: ‘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 per cent in February – up from 3.2 per cent in January and 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.’
Werner said he believed that while the market was likely to see an impact from inflation, rising energy prices and global geopolitical issues, by collaborating with car dealers it can deliver a compelling experience for buyers.
He added: ‘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.’
