HPI CrushWatch saves millions for finance houses in UK
£30m worth of vehicles saved from scrappage
In the first six months of 2013, £30,221,987 worth of vehicles were saved from being scrapped, helping finance companies reduce their losses by reclaiming their assets. Working under the umbrella of the FLA’s Vehicle Recovery Scheme, HPI, our UK partner company, brings together motor lenders and police to reclaim illegal cars, rather than having the vehicles scrapped. The scheme is known as HPI CrushWatch.
The latest figures from HPI suggest that drivers of mid range higher volume vehicles, often the popular Vauxhall/Opel, Ford and Volkswagen models, remain the most likely to be offenders of tax or insurance evasion – which can lead to the vehicle being crushed.
The highest value vehicle HPI CrushWatch recovered between January-June this year was a Ferrari FF V12 worth £177,000. Indeed, of the top 10 highest value recoveries, four were Ferraris, two were Porsches and two were Lamborghinis.
44 of the UK’s police forces now actively use HPI CrushWatch, including the Metropolitan Police, supporting the industry’s campaign to clamp down on illegal motoring. The Met Police and HPI CrushWatch enabled finance companies to save £14,995,625 worth of vehicles – accounting for nearly 50% of the total value of cars recovered by HPI CrushWatch in the six month period – from being crushed. West Yorkshire and Strathclyde Police Forces were the second and third in the list, but with significantly fewer recoveries at just over £1m each.
Daniel Burgess, managing director of HPI, commented, ‘The continued success of HPI CrushWatch, shows just how effective it is in clamping down on insurance and tax evaders making the UK roads safer for law abiding motorists.’