HPI has developed a tool to help motor finance
companies protect their assets by reclaiming vehicles before they
get crushed.
The vehicle information company said it has
worked in partnership with the Finance and Leasing Association
(FLA) to build the HPI CrushWatch tool, in response to a protocol
agreed between the Association of Chief Police Officers and the
FLA.
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The company said it recently recovered three
vehicles worth in total more than £100,000 to motor finance
companies, including an Audi R8 valued at £64,000.
HPI said that vehicle lessors signing up to
HPI CrushWatch are warned when any vehicle they have an interest in
is seized and destined to be sold or crushed. This allows them to
decide whether to recover the vehicle or allow it to be destroyed,
it added.
Alastair Crossley, F&I director for HPI,
said: “Since its launch earlier this year, HPI CrushWatch has been
highly successful in reclaiming uninsured vehicles with strong
support from finance companies and the police.”
Kevin Elkins, head of fraud for Lombard,
added: “HPI CrushWatch is taking uninsured vehicles off the
road, an initiative we are proud to support. Our involvement has
not only delivered benefit to our business, but also to our
customers by reducing our risks and driving their costs down.”
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