MotoNovo Finance has urged motor dealers to consider a Coronavirus Business Interruption Loan Scheme (CBILS) asset finance facility before the scheme closes on 30 September.

Luke Curtis, head of MotoNovo Commercial Finance, said: “The CBILS asset finance options we are making available to dealers are state-backed and could be available to a large number of dealers. While we have seen a welcome bounce-back in vehicle sales, I’m sure we all recognise that there are likely to be challenges ahead. At the same time, the need to invest in adapting the established business model to embrace an increasingly digital car buyer has never been so apparent.

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“CBILS is designed to help businesses that have lost revenue and seen their business disrupted as a result of Covid-19, and crucially helping them to survive and thrive as the new normal operating models evolve. Now is the time for dealers to consider how the type of £50K- £250K CBILS loan (HP and finance lease) we can offer to benefit their businesses.”

Dealers have used MotoNovo CBILS asset finance options for:

  • HGV’s/LCV’s ideal if dealers are looking to home-delivery of cars to customers
  • Garage equipment
  • IT
  • Office equipment
  • Security
  • Broadcast equipment
  • Telecoms

While it is understood that the Government will make an announcement on the future of the loan schemes it is backing to help businesses survive the impact of Covid-19 in the coming weeks, the deadline for applications remains 30 September 30 with a cut off completion date of 20 October.

Last week, MotoNovo revealed that 1,000 dealers signed up to its risk-based pricing model MotoRate, within the first 50 days of launching in June.

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Mark Standish, chief executive of MotoNovo, said: “The response by dealers to MotoRate has been very encouraging. Dealers have welcomed the way in which MotoRate embraces the spirit and letter of the FCA’s Policy Statement.

“They certainly like the impact it is having on their businesses and how they can compete with personal loans on price and transparency. An overall 40 per cent growth in finance penetration is a very powerful reason for switching and this is exactly what we have seen.”