MotoNovo triumphs as AFC Auto Finance Provider of the Year

MotoNovo Finance has been crowned the Auto Finance Provider of the Year 2024 at the Asset Finance Connect (AFC) Summer Awards 2024. This award, sponsored by NETSOL Technologies, celebrates the company’s excellence in delivering exceptional value and performance in key areas of auto finance.

Debbie McKay, MotoNovo’s Commercial Director, expressed her elation at winning the award. “We are all delighted. It has been an interesting year for automotive finance, and across MotoNovo, our teams have been working harder than ever. Up against a high calibre shortlist, winning this award means a great deal,” she said.

McKay highlighted that the award is especially gratifying as it recognises the company’s dedication to providing seamless digital finance journeys, achieving excellent customer outcomes, effectively enabling sales, and leading the industry in embracing Consumer Duty through cultural change and governance.

McKay emphasized that the success was a collective effort. “Winning this award recognises our commitment to customer excellence and our broader commitment to motor finance. Our success has been a genuine team effort, and this award is thanks to everyone on our team for their effort and commitment. However, we take nothing for granted and will keep pushing forward to improve in all areas.”

Overcoming challenges and achieving milestones

Reflecting on the past year, McKay acknowledged the regulatory and economic challenges faced by the motor finance sector, as well as the industry’s shift towards electrification. She praised her team’s resilience and adaptability. “For me, MotoNovo Finance’s most significant achievement has been our team’s agility, positivity, and resilience in embracing and addressing these challenges confidently and constructively. I am confident that the team’s energy and the steps we have taken to evolve our business model will be the springboard for our future growth. As always, we continue to look forward.”

Future innovations and industry trends

Looking ahead, McKay outlined the anticipated trends and innovations in the auto finance industry. She emphasized the importance of the Consumer Duty in shaping the future of financial services and highlighted the potential impact of reforming the Consumer Credit Act. Additionally, she noted the ongoing electrification of the UK’s car market and the implications for both electric and internal combustion engine (ICE) vehicle values.

“In the short to medium term, I’m sure that product development will be strongly featured in motor finance. The shift to usage products is gaining momentum, and I’m sure this will continue; it is certainly something that we are looking at,” McKay concluded.

A bright future for MotoNovo

MotoNovo’s win at the AFC Summer Awards 2024 underscores its leadership and innovation in the auto finance sector. With a focus on customer excellence, regulatory compliance, and adapting to market changes, MotoNovo is poised for continued success and growth in the evolving automotive finance landscape.