MotoNovo Finance has launched a new Supplier Direct Funding proposition, in an attempt to reduce the time, cost and friction associated with new car stocking through auctions.

In collaboration with wholesale funding software partner – APAK – MotoNovo has transformed the traditional funding process.

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A fully automated service, Supplier Direct Funding is live with Aston Barclay and Manheim auctions, with plans to expand into other auction providers.

Typically, dealers pay the auction house for stock, before adding each vehicle to their stocking plan. However, under the firm’s new stock funding product, the auction house will load the vehicle to the dealer’s plan whilst MotoNovo pays 100% of the funds to the auction house directly.

Digital authorisation enables the auction house to receive payment electronically by return whilst automatic stock loading reduces the audit requirements.

Chris Rowthorn, head of operations new business at MotoNovo, said: “In an environment where time is money, Supplier Direct Funding builds upon our highly competitive stock funding model for dealers, offering them repeatable savings on time and therefore money. From the pilot work and dealer feedback, we know the new service is having a positive impact for dealers and is yet another example of our dedication to the dealer community in what remains a challenging environment.

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“The capacity to buy, prepare and retail used cars quickly is the critical skill that dictates success for any used car dealer. Anything that can add value/remove cost to the process will be of interest to dealers. Even modest improvements can quickly make a difference. An improvement in the stock purchasing/funding process is precisely what Supplier Direct Funding has achieved.”