Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
MotoNovo is axe its online classified and finance platform findandfundmycar.com in early 2024.
The platform was launched in 2018. The finance company recruited a dealer council to define strategy for the new website and also used dealers’ families and pets in the shoot.
FindAndFundMyCar said at the time it planned to spend £5m in the first six months post launch and this was set to grow to £10m in its full year.
The spend was generated from dealers who initially paid £1.50 per car per week on the site. This fee was subsequently cancelled in order to get more dealers on board.
MotoNovo said rather than investing further in what it described a “crowded car aggregation market” it was stepping away from the sector to reinvest in wider opportunities and enhance its products and propositions.
A spokesperson said: “Following a strategic review of our business, we have decided that we’ll be decommissioning findandfundmycar from March next year.
“Any deals secured through findandfundmycar will be unaffected, and any stock on the website will be removed when it closes.
“We remain absolutely committed to the UK motor finance market, and we will continue to provide first-class products and services via our dealer and broker network as we do today.”