Motor finance specialists join forces

Evolution Funding – the Derbyshire-based finance broker and technology provider to the UK used car market – has joined forces with Motiv Finance to develop new tech products for the motor finance market.

The 20-year-old Chesterfield firm is the largest motor finance broker in the country and has completed more than £1.5bn worth of transactions this year alone.

Its collaboration with Nottingham-based Motiv will see the companies share elements of their existing credit pre-screening technologies, with plans in place to co-build an advanced solution.

Both firms will commit “significant” R&D investment to the project.

Evolution and Motiv will also work to develop new consumer self-serve automation and data intelligence solutions.

Lee Streets, CEO at Evolution Funding, said: “This is an exciting and innovative new partnership for us. We have built a relationship with Motiv for several years, and it became clear that there are significant synergies between the two businesses. We have the same aspirations for the motor finance consumer journey and so it made perfect sense to partner up. We look forward to exploring the opportunities this alliance will reveal.”

Motiv founder Stuart Davey said: “We are delighted to have partnered with Evolution and are keen to identify ways to leverage our combined strengths to progress motor finance technology. There is a huge opportunity to help retailers, lenders, and consumers through this initiative.”