Independent car finance provider MotoNovo is set to use a £1.8m investment from parent company WesBank to fund a significant expansion drive.

MotoNovo, formerly Carlyle Finance, will recruit 20 field-based development managers to work across the UK and a number of F&I executives to be based at its Cardiff office.

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The company also plans to enter in to a number of untapped markets and to launch a fresh raft of finance products, details of which will be released in the next two weeks.

‘Significant momentum’

MotoNovo is aiming to double their sales with the measures, propelling them in to the top three independent finance providers.

Mark Standish, chief executive at MotoNovo said: "We have gained significant momentum in the market place, which we want to leverage to increase our own sales and those of our dealer customers.

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