Evolution Funding Group Limited (“Evolution”), the UK’s largest independent motor finance and technology provider, backed by private equity investor LDC, has acquired Motion Finance to accelerate its growth strategy.
Evolution Proprietary Platform Evolve is one of the industry’s most sophisticated technologies, automating and streamlining the traditionally complex UK auto finance ecosystem, enabling over £1.2 billion in used car finance transactions by 2022. promote. The platform enables automated end-to-end used car finance. Services for independent and franchised dealers, auto supermarkets, and digital dealers such as Cazoo and Cinch. Evolution’s technology is also used for real interest rate financing on the UK’s largest price comparison and eligibility websites such as Experian and Confused.com.
Warrington-based broker Motion Finance focuses on financing small and medium-sized used car dealerships across the UK. The company focuses on providing a “hands-on” service and taking the leg work out of its dealer partners’ finances. Motion Finance, with his 64 staff, was founded in 2007 by husband and wife Ian Kenna and Wendy Kenna and was joined in 2017 by his Director of Sales, Ian Kay. The business will continue to operate under its own brand and will be led by Motion Finance’s existing management team.
The acquisition is in line with Evolution’s growth goals and marks the second addition to the business, following the 2021 acquisition of ClickDealer, an automotive software and digital services provider.
Since LDC’s investment in 2019, Evolution has also significantly expanded its management team, led by CEO Lee Streets, and has won numerous awards for its digital and SaaS offerings. In addition to continuing to invest in its technology and digital capabilities, Evolution has grown its market share by acquiring several large national accounts and building a core regional dealer base. I was. The addition of Motion Finance strengthens that foundation even further.
Evolution CEO Lee Streets said: “Motion Finance prides itself on providing the best possible service to its client base and setting the standard for vehicle finance intermediation in the UK, a philosophy that aligns perfectly with ours. We welcome the team and look forward to working together to explore further growth opportunities.”