MotoNovo Finance has concluded its latest securitisation, the Turbo 3, as the independent finance provider aims to capture a fifth of the market.
David James, chief financial officer at MotoNovo, said the Turbo 3 was taken up by "a wide range of investors" from a field of more than 20 who "took part in the sale process".
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James added the company expects to offer securitisations on an annual basis, which it views as "an ideal way to diversify the funding required to underpin our ambitious plans for further growth".
Cardiff-based MotoNovo has raised in excess of £1bn in securitisations in the past two years and "plans to expand future lending significantly," according to a company statement.
‘20% in the next few years’
The securitisation follows a £1.8m investment by parent company WesBank, earmarked specifically to fund an increase in field staff, enter the motorcycle finance market and launch the MotoClick e-signature service, and after which Karl Werner, head of sales and marketing at the company, said the company hoped to double its market share.
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By GlobalData"We have an 11% share at the moment of the independent market," Werner told Motor Finance. "We want to get that to 20% in the next few years".
Werner added the independent sector was an enjoyable market with a "lot of opportunities". Although the market had "settled down" of late, Werner said he expected to see another entrant "within the next year or two".
A full interview with Karl Werner of MotoNovo will be published in the March issue of Motor Finance magazine.
