Automotive data expert cap hpi has rescued financed vehicles worth millions of pounds from potential destruction as part of its Crushwatch initiative.
During 2018, vehicles worth nearly £122 million were successfully returned to finance and leasing companies after they were confiscated from drivers for being untaxed or uninsured, avoiding them being sold at auction or potentially crushed by enforcement agencies.
In February this year alone, £10 million worth of uninsured cars belonging to finance companies were returned after being seized by police.
Cap hpi revealed that vehicles included Aston Martins, Bentleys, Ferraris and Lamborghinis, along with a range of mainstream brands.
Every year, tens of thousands of cars are seized by police because the driver doesn’t have insurance or tax.
Through Crushwatch, enforcement agencies check with cap hpi before disposing of a vehicle, either through auction or crushing, to see if it has outstanding finance. Email alerts are sent to the lender notifying them which compound the vehicle is being held to kick-start the asset recovery process.
Barry Shorto, head of industry relations at cap hpi, said: “Through ongoing collaboration with police forces throughout the UK, we can continue to minimise finance company losses whilst also clamping down on the problem of drivers thinking it’s okay to drive without the necessary insurance.”
Cap hpi’s software solutions span the whole vehicle lifecycle, covering new, used and future vehicle valuation, validation, collision, mechanical repair and total cost of ownership.
All data is uniquely connected by the cap hpi code and a single methodology across all markets and sectors.
The business operates from an international hub in the UK and is part of Solera, a global digital technology provider that processes more than 300 million digital transactions annually for more than 235,000 partners and customers in 90 countries.
