New figures released from automotive gurus HPI have revealed that its CrushWatch scheme has helped finance and leasing companies recover over £9m of uninsured vehicles.
The HPI CrushWatch initiative helps lenders both reduce their losses and contribute to road safety by reclaiming their assets from the police. Uninsured vehicles which would have been sold at auction or worse still, scrapped, are reunited with their legitimate owners under the innovative scheme.
A total of £65million of vehicles which had been seized for being driven without valid insurance were flagged up to the finance and leasing companies who legally owned them during 2015. Prior to the introduction of the HPI CrushWatch scheme, these vehicles may have been disposed of without their knowledge.
HPI CrushWatch from vehicle history check expert, HPI, assists Law Enforcement Agencies with identifying if vehicles confiscated from uninsured drivers, rightfully belong to a finance house. The figures highlight that owners of high-value cars are not immune from driving without valid insurance resulting in the reclamation of vehicles across the UK, which otherwise may have found themselves at auction or on the scrap heap.
Ford & Vauxhall
Thanks to HPI Crushwatch, finance and leasing companies were able to identify and reclaim over the £805k worth of high-value cars from police forces around the UK. The latest monthly HPI Crushwatch figures reveal that the top car manufacturer makes most commonly avoiding the possibility of the auction or the scrap yard following reclamation from the Police consisted of Vauxhall and Ford.