February figures for the Finance & Leasing Association’s Vehicle Recovery Scheme have put the total value of recoveries since the scheme began past £100m.
The scheme, run in conjunction with the ACPO Vehicle Crime Intelligence Service and HPI Crushwatch, recovered £4.45m-worth of vehicles with outstanding finance in February.
Taking each month’s total to the nearest £10,000, the scheme has now cleared just over £104m of recoveries.
There were 6,796 enquiries made to the scheme in February, the second-highest monthly total ever, up 2.99% on January 2013 and up 33.83% year-on-year.
Of those enquiries, 692 recorded ‘hits’ of cars with outstanding finance, yielding a success rate of 10.18% and an average value of £6,434.97 per vehicle, all well above average.
The most-valuable single recovery was a Porsche Cayenne V6 worth £55,200 and the Metropolitan Police Service was the constabulary with the highest total value of recoveries, £2.14m, for the sixth month in a row, or every month since it began reporting into the scheme officially in September.
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By GlobalDataA full interview with Darren Greenyer and Barry Shorto of HPI will be published in the April issue of Motor Finance magazine.
richard.brown@timetric.com
