MotoNovo Finance chief executive Mark Standish has decided to leave the business, having overseen the integration of MotoNovo within parent Aldermore Group.

Karl Werner will replace Standish as managing director. Werner is a long-serving member of the MotoNovo leadership team, having been with the company since 2003.He is also a regular industry commentator and speaker.

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Commenting on his decision to leave, Mark Standish reflected: “I am enormously proud of what MotoNovo has achieved and of the people who have been part of the journey. From serving 12,000 customers in 1999 to 530,000 in 2021. From a team of 65 to 780 today, leading MotoNovo has been an incredible privilege.

“I am delighted that Karl has been appointed to take the helm as managing director and look forward to watching the business continue its commitment to innovation and change under his leadership.”

Werner added: “At MotoNovo, we have long prided ourselves on being a challenger business that embraces change. We demonstrated our agility through the pandemic, standing side-by-side with our dealers and customers. As the world seeks to recover, challenge and change are sure to feature prominently in the automotive and financial services markets in an increasingly digital, customer-centric environment.

“In leading MotoNovo, a business with our culture and track record of embracing innovation and change, I am genuinely excited by the opportunities that change will afford us to continue growing.”

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MotoNovo recently published advice to motor dealers, warning that it will be increasingly difficult for motor finance companies to operate with a fixed rate finance ‘one size fits all’ offering.

Jon Slater, MotoNovo’s chief strategy and marketing officer, believes that Covid has changed the consumer credit dynamic. “While some people have been able to save money, sadly, many others have encountered financial challenges. Alongside this have been improvements in financial literacy gained during lockdown, notably amongst the vital millennial sector.

“Today, we must better meet the needs of increasingly well-informed customers across the credit curve. In car finance, one size will not fit all.”