71% of HPI’s dealer customers said they supported a proposal by the EU to introduce legislation to outlaw mileage correction firms by May 2018 in an HPI survey.
The survey also found that 92% said that dealers, who are actively adjusting odometers without declaring the act to buyers, should be sought out and prosecuted.
Go deeper with GlobalData
Neil Hodson, managing director at HPI, said: "It’s clear from our survey, that most dealers are eager to see stricter measures be put in place to tackle clocking, beyond outlawing mileage correction firms.
"Interestingly, 93% of dealers we surveyed said they have never had cause to adjust or correct a car’s mileage, confirming that fraud is driving this activity. The risks to traders and consumers alike are significant. A dealer who unwittingly buys and sells a clocked car could face hefty fines and prosecution, not to mention damaging their reputation.
"Currently, criminals out to make a fast profit can hide behind the label of legitimacy that mileage correction firms provide. Closing these firms down will ultimately reduce the number of clocked vehicles on the UK’s roads, but the changes in law are some way off and more needs to be done now to send a clear message to fraudsters that the net is closing in on them."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
