Carlyle Finance has undertaken a rebrand to avoid a potential costly legal trademark battle – “but the change enables us to revitalise and renew everything about our business,” chief executive Mark Standish has told dealers.
Retailers selling Carlyle’s products were briefed on the change to MotoNovo ahead of this month’s announcement.
Standish said: “A new name had to reflect what the business stands for today and be vibrant, modern and memorable.”
The new name combines two Latin words: moto (‘moving or driving forward’) and novo (‘new, refresh, change, innovate’).
Standish said: “In a single word we have managed to encapsulate everything the business has come to stand for. This enables us to revitalise and renew everything to support our dealers.”
Carlyle, a Cardiff-based division of South Africa’s FirstRand Bank, did not want to change its name.
Last year the company decided to protect what it regarded as the substantial value created in the business by registering it as a legally protected trademark.
But the firm found that The Carlyle Group, a US private equity firm, registered the Carlyle trademark in the UK in the 1990s.
Standish said: “In addition to the trademark issue it was felt the increased activity of the Carlyle Group in the UK was causing confusion as to who owned who.
“It was also felt that the Carlyle Finance name harked back to our more modest and traditional past under the ownership of Julian Hodge Bank.”
Standish said a top priority for MotoNovo will be to develop “an industry leading” digital approach to vehicle purchasing and financing.