MOTONOVO’S Finance’s aggregation platform, findandfundmycar.com, has gone from entrant to significant player in the aggregation space in just 12 months.
Having reached some impressive milestones in its first year of operation, there are now more than 136,000 vehicles available on the site for customers to choose from and over 2,600 dealers getting additional finance and cash leads from the platform.
The swift emergence of the brand is impressive when compared to the speed of success achieved by digital brands such as Just Eat and Gocompare which entered the UK market as long ago as 2006.
MotoNovo has adopted an agile approach to the continuous development of the site. The company has already announced some key changes following dealer feedback and market insight, including the decision to offer free advertising on the site since September 2018.
Chief Executive Mark Standish said: “The platform was created to disrupt the market and make car-selling feel better for used car dealers. By listening to our dealer audience, we’re able to meet this brief by adapting our approach continuously to create a platform that works for them.
“We’re seeing that this approach feels refreshing to the many dealers who are joining us and helping to strengthen our aggregator that’s designed to benefit both dealers and their customers.
“Latest improvements to the platform have included displaying recently viewed and recently added vehicles, showcasing all car stock from the same dealer, and the addition of vans and bikes to the site. These enhancements will continue and we expect the pace we can introduce them will also increase as we continue to improve the customer experience on the site through 2019.”
MotoNovo’s latest figures which show dealers using the platform experienced a 13.5% uplift in finance volumes in 2018 and over 55,000 finance proposals being received where findandfundmycar played a part in customer car searches.
Standish added: “First and foremost, this is a platform to help customers find cars and help dealers sell them. The stock that dealers own is their differentiator; in a market where they’re faced with increasing competition from multiple fronts for their car, finance, and added value sales, the decision of where to place their stock is key.
“By placing their stock with a partner that collaborates with them – rather than competes against them for their customers – dealers are helping change the market and making findandfund my car and dealer finance the natural choice for used car buyers.”