MotoNovo has promoted Karl Werner to managing director after its chief executive Mark Standish left the business as part of a restructure of the business.

Werner made the move from his post as deputy chief executive following Standish's decision step-aside after overseeing the integration of MotoNovo within parent Aldermore Group.

A statement issued by MotoNovo said Standish had led the business for over 22 years, taking the organisation from under 1% market share to over 20%.

Standish said: "I am enormously proud of what MotoNovo has achieved and of the people who have been part of the journey.

“From serving 12,000 customers in 1999 to 530,000 in 2021. From a team of 65 to 780 today, leading MotoNovo has been an incredible privilege.

“I am delighted that Karl has been appointed to take the helm as MD and look forward to watching the business continue its commitment to innovation and change under his leadership."

MotoNovo said that Werner's appointment ensured “a natural continuity of the business's commitment to customer and dealer centricity”.

Werner said: “At MotoNovo, we have long prided ourselves on being a challenger business that embraces change.

“We demonstrated our agility through the pandemic, standing side-by-side with our dealers and customers.

“As the world seeks to recover, challenge and change are sure to feature prominently in the automotive and financial services markets in an increasingly digital, customer-centric environment.

"In leading MotoNovo, a business as Mark noted, with our culture and track record of embracing innovation and change, I am genuinely excited by the opportunities that change will afford us to continue growing."