Cardiff-based independent finance provider MotoNovo has begun implementing a planned entrance into the motorcycle finance market.

The company is exhibiting its motorcycle financial services this month at the Motorcycle Expo, held at the NEC Birmingham, and has brought motorbike finance veteran Mike Chilvers on board as division manager for motorcycles.

Chilvers, who held the post of motorcycle development manager at First National Motor Finance and then Close Motor Finance among 15 years’ experience in motorbike finance, said on his LinkedIn page he held "ambitions for a more ‘industry led’ as well as ‘dealer focused’ motorcycle finance proposition".

Two years, two wheels

On welcoming Chilvers to the company, Mark Standish, chief executive of MotoNovo, said the investment strategy had been two years in preparation.

Expansion plans for the company were announced in November 2012 on the back of £1.8m investment in the company by parent Wesbank, the vehicle financing arm of FirstRand Banking Group.

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.

The motorcycle finance market is dominated by independent lenders, particularly Close and Black Horse, with BMW and Honda the only marques regularly in the top 10 best-sellers to employ captive finance partners. Even then, BMW Group uses quasi-independent lender Alphera Financial Services to supply finance for its subsidiary brand of Husqvarna motorcycles.

Changes in the sale of motorcycles by segment, however, have led bike enthusiasts in the industry to predict there is an opportunity to write more business on two wheels.