HPI saves firms £7.75m

HPI has helped finance and leasing companies recover uninsured vehicles valued at more than £7.75m in September.

Its CrushWatch initiative helps lenders reclaim vehicles seized by the police which otherwise would be sold at auction or scrapped. In 2015 it reclaimed £65m worth of vehicles that had been seized for driving without a licence.

Working under the umbrella of the Finance and Leasing Association’s (FLA) Vehicle Recovery Scheme, HPI CrushWatch assists Law Enforcement Agencies identify if vehicles confiscated from uninsured drivers, rightfully belong to a finance house.

The latest monthly HPI Crushwatch figures reveal that the top five manufacturer makes most commonly avoiding the possibility of auction or the scrap yard following reclamation from the Police consisted of Vauxhall, Ford, BMW, Volkswagen and Mercedes-Benz models to the tune of over £4.6m.

Barry Shorto, head of industry relations at HPI, said, ‘Yet again we are witnessing that in just one month, the total value of the cars recovered highlights the important role HPI CrushWatch is playing in clamping down on the recurring problem of uninsured drivers. Working collaboratively with police forces throughout the UK we are aiming to help the leasing and finance companies to minimise losses and to solve this problem once and for all.’