Finance due on used cars is an increasing risk
for dealers, according to first quarter analysis by the information
services company Experian.
Over 800,000, or 27%, of the more than three
million used vehicles checked by traders using Experian’s AutoCheck
service between January and March 2012, were found to have
outstanding finance, 4.8% up on the same period last year.
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Less than 3% were found to be previous
insurance write-offs and 0.3% had been reported as stolen.
Experian now provides provenance data to 60 of
the AM top 100 dealerships, and half the top 250 following
the commitment of Experian Automotive managing director Alistair
Scullion to increase the strength of the company’s relationship
with retailers.
By comparison, 13.5% of all used vehicles
checked by the
public using AutoCheck throughout 2011 were found to have been
previously written off by insurers and 11% to have outstanding
finance.
richard.brown@vrlfinancialnews.com
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