Tuesday, July 23, 2024
HomeNEWSMOTONOVO AHEAD OF FCA GAME

MOTONOVO AHEAD OF FCA GAME

MotoNovo’s risk-based motor finance pricing model MotoRate, formally launched on 24 June, was already compliant with a Financial Conduct Authority ban on discretionary commission — published on 28 July for implementation on 28 January next year.

About 1000 motorcycle and car dealers have now switched to MotoRate, following a successful pre-launch pilot with more than 200 dealers. The FCA specifically referenced a move to risk-based pricing as the outcome it sought.

Delighted to be leading dealer finance reform, MotoNovo chief executive Mark Standish said: “The response by dealers to MotoRate has been very encouraging. They have welcomed the way in which it embraces the spirit and letter of FCA policy. Dealers certainly like the impact it’s having on their businesses and how they can compete with personal loans on price and transparency. An overall 40% growth in finance penetration is a very powerful reason for switching and this is exactly what we have seen.”

RELATED ARTICLES

Product News

Verge opens first American stores

Futuristic electric superbike builder Verge, has opened its first outlets in the United States. The Los Angeles and San Jose stores are both based...