Richard Jones leaves Lloyds Banking Group to join Motonovo

Lloyds Banking Group managing director of motor and leasing Richard Jones will be leaving the company to join Motonovo Finance.

Jones, who was named CEO of the Year for Auto Finance at the Asset Finance Connect Awards 2022, has spent more than 20 years with the business and was made managing director of Black Horse Motor Finance in 2015 by Lloyds Bank to lead the business as it invested in dealer technology.

He maintained a position in both Black Horse and Lex Autolease whilst bringing the two businesses under a unified management team in 2018, in charge of both consumer and business auto finance.

Jas Singh, chief executive officer consumer lending at Lloyds Banking Group, said: “Richard has displayed fantastic vision throughout his time leading our Transport business, dedicated to helping customers, and starting our journey to become greener and more sustainable in car financing. We wish him all the very best for the future.”

Jones will begin his new role at Aldermore-owned MotoNovo operation in early 2023 and will join its executive committee, reporting to chief executive Steven Cooper. 

Cooper said: “I’m delighted to welcome Richard and have him join the team at Aldermore. He brings a wealth of experience having run the UK’s largest motor finance business for a number of years, and his skills and expertise will be a huge asset as we aim to grow our MotoNovo business”.

Jones said: "I’m really looking forward to getting started and working with the Aldermore and MotoNovo teams. I’m joining a great, well-established business which offers a fantastic service to people looking to buy their next car, van or motorbike.

"I’m confident that we can do even better – by improving our offering and building even stronger relationships with customers, we can grow our share of the market”.

As well as his work at Lloyds Banking Group, Jones also chaired the Finance and Leasing Association (FLA) from 2017 to 2021 and provided stability within the association as it changed its director general, said Asset Finance International.