There were a record number of enquiries to the Finance & Leasing Association Vehicle Recovery Scheme in August, leading to the recovery of £3.06m-worth of vehicles with outstanding finance.
The total value of recoveries passed £3m for the first time since October 2011 and marked the second-highest total value behind £3.31m in July 2010, since records began in June 2010.
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The scheme, run in conjunction with the ACPO Vehicle Crime Intelligence Service and HPI Crushwatch, took 5,599 enquiries in the month, up 15.87% on August 2011 and up 3% on July 2012.
Of those enquiries, 513 led to the successful recovery of a vehicle, referred to as a hit, the highest number since January 2012 with the hits-to-enquiries ratio reaching a three-month high of 9.16%.
The average value of a recovery in August was £5,957.12; up 5.77% on August 2011 and 2% up on July 2012, but behind the 2012 high of £6,372.65 in June.
For the second month in a row, West Yorkshire was the police force with the highest total value of recoveries and Strathclyde was second. August also saw the debut of the Metropolitan Police in the top five forces by value of recoveries.
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By GlobalDataVauxhall was the most-recovered brand for the ninth month running and the Astra was the most-recovered model for the fourth month in a row.
Further figures and analysis from the FLA Vehicle Recovery Scheme will be published in the September issue of Motor Finance magazine.
richard.brown@vrlfinancialnews.com
