Cardiff-headquartered finance company MotoNovo Finance, the UK’s second biggest used car finance lender, has announced the arrival of Phil Morgan as the head of its newest venture; findandfundmycar.com.
Phil joins the business from GoCompare.com, where he spent six years, leaving as Chief Finance and Operating Officer, overseeing projects including the launch of the Mi-data current account comparison service and the sale of the business to esure plc.
In his new role, Phil will be responsible for launching and developing the all-new vehicle sales website, which is earmarked to rival the likes of Auto Trader by allowing customers to shop for used cars and car finance in one location.
Building on MotoNovo’s historically robust relationships with dealers, findandfundmycar.com aims to harness a competitive edge by bridging the gap between online consumers and dealer finance — customers access a more varied and competitive car finance marketplace, and consequently, lower prices.
findandfundmycar.com has already engaged 1,500 dealers with more than 75,000 used vehicles for sale.
With the site set to be fully operational in quarter three of 2017, MotoNovo looks forward to a new chapter in its recent meteoric rise, which has seen profits triple in the last five years to £63m.
MotoNovo’s Motor Division CEO Karl Werner welcomed Phil’s appointment as a key strategic step in the brand’s development. He said:
“Phil joins us with a wealth of B2C and B2B experience, with a special focus upon brand building in the growing digital space.
“His hands-on approach has already seen huge successes in the development of the intelligent technology behind the findandfundmycar.com systems, while his vast experience is helping drive the creation of the accompanying marketing strategy, which will be absolutely vital in building what we expect to become a highly recognisable consumer brand.”
Phil is similarly enthused to be on-board as he observes:
“In six years at Gocompare.com, we grew the business significantly in scale and reputation. I see similar opportunities with findandfundmycar.com.
Both entered the market to provide innovation and exceptional customer experience, and having already achieved remarkable success, I think MotoNovo as a company has the passion, energy and agility to work with dealers to sustain even greater growth in the coming years and decades.
By challenging the established market and offering something genuinely fresh, findandfundmycar.com has all the ingredients to make waves within the industry and enhance the way car finance is provided to customers across the UK.”
MotoNovo Finance’s diversification into newer markets follows a recent expansion into new head offices in Cardiff’s flagship One Central Square development, which has created space for more than 500 new staff.