Supplier Direct Funding, which is just one of the stock funding options available from MotoNovo, can be used to stock cars, LCVs and motorcycles, has been a huge hit with dealers who value the convenience of the service and the way in which the digitised process takes time and cost out of the funding process.
PCP and HP finance are highly appropriate vehicle financing options. The inherent secure nature of the products delivers high acceptance levels and competitive interest rates. Low unsecured personal loan representative APRs are an option for consumers.
Faced with a squeeze on their cost of living, monthly budgeting, which has always featured prominently in consumers' car buying decision-making processes, is likely to have an extra area of focus.
Consumers are taking greater control of their finances empowered by digital tools and an increasingly active lending sector. It is a challenge the dealer finance community should recognise.
While online is seen as the place people research their options and discover the vehicle that is of interest to them, the appetite to complete the purchase entirely online is low, albeit it has risen slightly compared to the pre-pandemic era. However, expectations for the ability to complete the car buying journey online is declining.
The pandemic has thrown up a massive challenge to the motor retail community, the overwhelming view was that business was a lot better than expected with dealers showing classic agility across such a broad audience.
Smart online tool's availability continues to prove ideal in supporting dealers’ Click and Collect/Click and Deliver services. Launched during the pandemic to help dealers, its availability free-of-charge is now being extended until the end of March.
Tool is ideal for the lockdown restrictions now in place across much of the UK and helps with online sales, home delivery or click and deliver services securing the critical initial reservation.
MotoNovo Finance, which is taking the lead in helping dealers to prepare for change is keen to ensure that dealers know that the FCA has announced publicly that this is not the case.
FCA expects that action should be taken now to improve compliance with current requirements and ensure fair treatment of customers.
