Cardiff-based independent prime finance house MotoNovo is to enter the motorcycle finance market, exhibiting its financial services this month at the national Motorcycle Expo, and bringing in bike finance veteran Mike Chilvers as the company’s division manager for motorcycles.
Chilvers has held posts as motorcycle development manager at First National Motor Finance and Close Motor Finance in his 15 years in bike finance, and Mark Standish, chief executive of MotoNovo, explained the move into motorcycles was part of the company’s expansion strategy announced in November.
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Meanwhile, the finance operation of Ducati, provided by Black Horse, has announced a variable range of deposit-and-APR deals on its Monster range and Honda has extended its 0% APR deals on the CBR1000RR, CBR600RR, PCX125 and CBF125 models, run since July 2012. Honda has also added a PCP deal, with 4.9% representative APR, on the Crosstourer.
Honda is the only manufacturer among the top 10 best-selling motorcycle brands, aside from BMW, to operate a captive finance operation. The majority, including Ducati, have their finance provided by Black Horse, with others working through Close Motor Finance.
Speaking in summer 2012, several motorcycle finance operators spoke of an "opportunity" to do more business, particularly the suitability of PCP for bikes, which Ducati estimated accounted for 63% of its finance custom.
richard.brown@timetric.com
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