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Industry and product updates from MotoNovo Finance

Second open letter to our dealers

The power of the dealer co-operative

In 1844, the Rochdale pioneers created an idea that changed the world by developing what today is known as ‘The Co-operative’. They believed in a different way of doing business. A business that would be owned by its members and work for the common good. They believed that when people worked together they were stronger.

Source the Co-op

 

Why am I telling you this?

Why am I telling you about this? The answer is simple, today many parts of the motor retail sector lack the strength to fight for the common good. Prior to the Co-operative, power rested with those seeking profit; profit remained important for sustainability, but subsequently it rested with its members. And we are seeing the same thing happening in the motor industry – the power is with the big businesses at the top.

Today, the co-operative movement is still in place in many areas of the UK, from retailing to agriculture and yes to funeral care. The ‘working for the common good’ principle remains universally true. What also remains true is that by working together co-operative members are stronger. No need to wait until your business is on its last legs to benefit!

While trade bodies play their part in lobbying and the emergence of major dealer groups has helped these players to realise economy of scale benefits, many retailers/dealers are still solus operators. The challenge for them is how best to stand up for themselves and avoid the inevitable risks of being a small fish in a big pond and thereby being taken advantage of.

At MotoNovo Finance, we think dealers can come together, to present a unified aggregator face that is good for dealers and consumers.

Imagine the power of many thousands of dealers and how this could change the industry?

Our aims are simple:

findandfundmycar.com has been designed to harness the co-operative power of dealers and apart from supporting it, there are no strings attached. Our aims are simple:

  • To significantly reduce the cost of online marketing – our new service is designed as a not-for-profit tool. Every dealer £ will go into building a brand that will serve dealers and car buyers in a fair and transparent manner.
  • Provide a level playing field for marketing, where every dealer is treated equally.
  • Support, not compete with, the dealer customers who pay and support findandfundmycar.com – after all it has been created by dealers for dealers.
  • Provide a fairer customer deal with the creation of a transparent, accessible and customer first platform that stimulates healthy competition to benefit all stakeholders.

Collaborate and take control:

Ultimately, we aim to move the aggregator model from ‘divide and conquer’ to ‘collaborate and take control’; where dealers work together to protect their own interests and those of the car buyer they serve.

In creating this new ‘challenger’ service, we have looked backwards to move forwards. findandfundmycar.com is a mutual proposition. Dealers can win by supporting it and seeing lower costs and fairer treatment; consumers will benefit from a more straightforward approach (no confusing sponsored positions, just the best deal will lead the way); MotoNovo Finance will succeed by making the dealer offer and dealer finance proposition clearer and more accessible, and by increasing the size of the dealer finance market for everyone, here again, dealers will benefit.

Right now, and for the first time, dealers have a real and distinctive aggregator alternative. Its success is inevitable if enough dealers join the revolution and support it.

This is your chance to make a difference and to help shape the future of your business and the industry we all work in. Together it is the dealers and their stock that hold the power; MotoNovo Finance, are simply facilitating this shift in the balance of power and directing it to the showroom.

For more information and to join our revolutionary dealer co-operative contact 0844 770 4424.

We look forward to working alongside you.

Mark Standish

Mark Standish
Group CEO – MotoNovo Finance

Click to download the full letter in PDF

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MotoNovo Finance
One Central Square
Cardiff
CF10 1FS

0844 770 4424

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©2017 MotoNovo Finance.

MotoNovo Finance, a division of FirstRand Bank Limited (London Branch). Registered in England (Branch Reg. No: BR010027) at Austin Friars House, 2-6 Austin Friars, London, EC2N 2HD. FirstRand Bank Limited is authorised and regulated by the South African Reserve Bank. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. FirstRand Bank Limited (London Branch) is a branch of FirstRand Bank Limited, a public limited company registered with the Companies and Intellectual Property Commission in South Africa (Reg. No. 1929/001225/06) Head office: 4 Merchant Place, Corner Fredman Drive and Rivonia Road, Sandton 2196, South Africa