MotoNovo launches Nexus 2 technology to increase finance penetration

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

MotoNovo launches Nexus 2 technology to increase 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.

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.”

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.