MotoNovo Finance’s Supplier Direct Funding, a stock funding service, has experienced substantial growth, expanding its reach to dealers across the UK.

The service witnessed 43% year-on-year growth in 2023, with the total funding value surpassing £100 million since its launch, the group said in a press release.

January marked a significant milestone for Supplier Direct Funding, achieving record funding, 30% higher than its best monthly performance to date.

MotoNovo said the service has garnered significant attention from dealers who appreciate its convenience and streamlined digital process, effectively reducing both time and costs associated with funding.

In 2023, Supplier Direct Funding played a role for over 300 dealers in maintaining stocked forecourts, collectively saving an estimated 1200 staff days, the company said.

Aldermore-owned MotoNovo aims for substantial growth in the service throughout 2024.

Recent research indicates that nearly half of dealers identify staff costs as a primary concern which the Supplier Direct Funding service can assist by offering productivity improvements, with even the smallest dealers anticipating annual time savings of at least four days through its utilisation, according to the company.

The service, developed in collaboration with eleven auction partners, boasts a widespread presence with 34 physical sites and various online options. Supplier Direct Funding caters to various vehicles, including cars, LCVs, and motorcycles, offering dealers a versatile and efficient funding solution.

Chris Rowthorn, Director of Motor Sales Operations at MotoNovo, emphasises the value of time efficiency, stating, “In designing Supplier Direct Funding, we had a clear vision to take time and money out of the traditional used stock funding process.”

The automated process addresses tasks like loading stock onto the platform and stock auditing, reducing time-consuming manual efforts and potential human errors.