Independent lender MotoNovo has launched a backend service for dealers, ‘Nexus 2’, in an effort to boost used finance penetration.

The website changes how both customers and dealer interact with MotoNovo’s finance offering.
The mobile responsive service can be offered through dealer websites, or at point of sale in dealer show room, and allows customers to follow their own finance journey on a dealer’s website.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

It includes the ability to compare finance products side by side, and view explanatory product videos.

Using Nexus 2, customers can apply for finance, receive a tailored quote and convert this to a full finance proposal.

This proposal will be sent to the dealer, alerting them to the online enquiry, and will provide the application data necessary to facilitate the car finance sale in the showroom.

Karl Werner, who was recently named chief executive officer of MotoNovo’s motor finance division, said: "We can see from services, such as Uber, that making the customer experience easier and more accessible drives positive change. Small changes can increase utilisation and help us to fulfil the customer’s need for finance into action."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

He added: "Nexus 2 is easy to use, embracing the spirit of the FCA’s call for ‘good customer outcomes,’ and we believe will help us to deliver incremental sales growth."

Werner said this was aimed at what he described as the 80-20-80 conundrum, whereby 80% of consumers want finance, 20% get dealer finance, and of these 80% would happily recommend the product.