MotoNovo outlines how it will support dealers during lockdown

MotoNovo Finance has introduced two initiatives to support its dealers through the latest national lockdown period.

With immediate effect, all vehicles scheduled for full payment at the end of an agreed stocking period on a MotoNovo stocking plan will be renewed for an additional 60 days automatically.

MotoNovo says delaying the need to make such payments, will help dealers to preserve cashflow.

The finance business has also extended the free usage period of its online ‘Click & Reserve’ tool until the end of March.

Karl Werner (pictured), MotoNovo deputy CEO, said: “These two steps can, we hope, make a useful contribution to our dealers in these challenging times. For us, being a good partner is a long-term commitment.

“As our record of dealer centricity demonstrates, supporting the dealer community as a finance company is more than the current proposal. Empathy, collaboration and innovation are crucial components, never more so than through the unprecedented experience of the current pandemic.”

Heycar has said that it will continue to offer advertising car dealers free delivery on all until the end of February in-light of Covid-19 Lockdown 3.0.

The online classified advertising platform is offering free deliveries on all 100,000 vehicles on its platform until February 28.

Dealers fulfilling a delivery request for a customer will have the expense reimbursed by heycar. 

Auto Trader and Car Gurus have also pledged to axe their advertising fees for car retail customers in February.

Auto Trader suffered a 37% decline in revenues and 48% dip in operating profit in its half-year trading update, as a result of its decsion to support its retailer customers.