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MotoNovo announce CBILS support

MotoNovo Finance has announced it is able to provide additional support to the dealer community as an accredited ‘Introducer’ for the Aldermore Coronavirus Business Interruption Loan Scheme (CBILS).

It is a move designed to provide a new funding avenue to the more than 2,000 dealers and 17,000 corporate customers that the business estimates are facing short to mid-term cash flow challenges.

Luke Curtis, head of motor and commercial finance at MotoNovo, said: “Dealers and their corporate customers are emerging into a new trading environment that has and will continue to see significant structural change.

“Many will be seeking more routes to access capital, having seen their cashflow interrupted and will be looking to invest in the development of their business models. As an accredited CBILS introducer of our parent Aldermore Bank, we can now help.”

The Coronavirus Business Interruption Loan Scheme is designed to provide financial support to SMEs across the UK that have lost revenue, having seen their cashflow disrupted, as a result of the Covid-19 outbreak.

Recent changes to the Government’s scheme will give larger car retail businesses access to a £200 million Covid-19 survival boost.

MotoNovo is now able to offer an introduction between eligible dealers and Aldermore to discuss CBILS loans (HP and finance lease) of between £50k-£250k available

MotoNovo said, "it is a lending range that can help many of MotoNovo’s dealers, while making it accessible to commercial customers will assist them in sustaining their businesses, helping them to invest and keeping them in the market for future vehicles”.

Curtis said: “This is not a soft launch; we have developed a wide-ranging campaign to reach out to our dealer community and ensure they are aware of our CBILS opportunity. At the same time, our commercial team will be contacting our commercial customers.

“We recognise the need for dealers to reinvent their business model for the new operating environment; CBILS can help many of them to start making this move.”

AM webinar: The AM Motor Retail Review (Monday July 6 at 2pm)

This 45-minute webinar will discuss the UK motor retail industry’s achievements in the first month of trading since lockdown ended for England’s car dealers, including:

· June’s new car registrations and used car opportunities.

· The lessons learned from social distanced trading.

· How dealers balance the return to trading and their need to limit their costs.

· Prospects for Q3 and critical steps for success.

Chaired by AM editor Tim Rose, his invited guests will include senior executives of AM100 dealers, suppliers and OEMs, who’ll share their own experiences since lockdown ended and outline some ways dealers can sustain their business recovery.

Rose said: “This is a crucial moment for UK motor retail. The new car registrations data from the first month since lockdown will tell us how strongly the industry is fighting back, and there’ll be feedback on how customers and staff are coping with new processes and PPE in showrooms.

“The lessons of the last few weeks must help motor retail prepare for Q3 and the looming plate-change campaign.”

Guest speakers signed up so far:

Tim Duckers, Cambria Automobiles

Duckers is the motor division managing director of AM100 motor retailer Cambria Automobiles, working alongside chief executive Mark Lavery to lead a portfolio of franchised dealerships from volume mainstream such as Vauxhall and premium brands such as Jaguar Land Rover to high luxury brands such as Bentley and Rolls Royce.

Steve Le Bas, BDO

Le Bas is the head of motor retail at accountants and business advisers BDO. He has some 20 years’ experience working with motor trade clients, including statutory audits, assisting their internal accounting functions and conducting due diligence assignments for prospective motor trade purchasers.

Dale Wyatt, Suzuki GB

As head of automobile at Suzuki GB, Wyatt is responsible for the brand health of Suzuki cars and splits his time between working with the UK management team, Suzuki’s dealer network and the parent company in Japan.

Ian Plummer, Auto Trader

Plummer, commercial director at Auto Trader, joined the car sales platform in 2017 after heading sales operations and franchise management at Volkswagen UK and before 15 years at Renault in roles at both the UK sales company and the head office in Paris.

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