Independent finance provider MotoNovo has officially begun offering finance on motorcycles, putting £250,000 into the market.

The Cardiff-based lender has entered the market with a range of core finance products, supported by its business development staff; full finance and stocking facilities; a crossover of its Visa card incentive programme; and web platform www.bikeloanadviser.com.

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The move follows two years’ planning, the appointment of Mike Chilvers as division manager for motorcycles and the company’s display during January’s Motorcycle Expo at the Birmingham NEC.

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Chilvers said the company was "excited" by the move and were "entering the market with a determination to provide all the core services and more.

"We believe we can help dealers to gain greater value for finance to gain and retain additional sales of both bikes and finance."

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The bike finance market has been busy over the past 12 months with the likes of Honda, using its own captive provider, Suzuki, using Close Motor Finance, and Ducati, one of many brands to use Black Horse Finance, offering a range of finance products.

Several operators in the bike market speculated in summer 2012 there could be room for an independent player in the market, while others commented the changing model mix of bike sales meant there could be scope to write more finance.

richard.brown@timetric.com