Evolution Funding Group Limited (‘Evolution’), the UK’s largest independent motor finance and technology provider has acquired Motion Finance to accelerate its growth strategy, with the support of private equity investor LDC.
Evolution’s proprietary platform Evolve is one of the industry’s most sophisticated technologies, automating and streamlining the traditional and complex UK auto finance ecosystem and facilitating over £1.2 billion in used car finance transactions in 2022. The platform enables automated end-to-end used car financing journeys for independent and franchised dealers, car supermarkets, and digital dealers such as Cazoo and Cinch. Evolution’s technology also powers real rate finance on the UK’s largest price comparison and eligibility websites, including Experian and Confused.com.
Warrington-headquartered broker Motion Finance focuses on sourcing finance for small-to-medium-sized used car dealerships throughout the UK. The company focuses on providing a ‘hands-on’ service and taking the leg work out of finance for its dealer partners. Motion Finance employs 64 staff and was founded in 2007 by Ian and Wendy Kennah, with the addition of sales director Ian Kay in 2017. The business will continue to operate under its own brand, with Motion Finance’s existing management team at the helm.
The acquisition aligns with Evolution’s growth objectives and marks the business’ second bolt-on following the acquisition of automotive software and digital services provider Click Dealer in 2021.
Since LDC’s investment in 2019, Evolution has also significantly expanded its management team – led by CEO Lee Streets – and picked up a number of awards in recognition of its digital and SaaS proposition. Along with continuing to invest in its technology and digital capabilities, Evolution has increased its market share by winning several large national accounts and building out its core regional dealer base, which the addition of Motion Finance will further enhance.
Lee Streets, CEO at Evolution, said: “Motion Finance prides itself on providing its customer base with the best possible service and setting the standards for UK vehicle finance brokerage, an ethos that fits perfectly with our own. We look forward to welcoming the team and working together to explore opportunities for further growth.”
