More than 1 in 4 cars checked by car dealers have outstanding finance
Nottingham, 23 October 2012 — Experian®, the global information services company, today revealed that out of the total number of vehicles checked by automotive trade companies between April and June 2012, more than 26.1 per cent were identified as ‘having outstanding finance’.
Outstanding finance continues to be the prevalent risk factor car dealers have to manage when acquiring used vehicles.
Other risks identified by AutoCheck included ‘Written Offs’ and ‘Stolen Vehicles’. Three per cent of all vehicles checked between April and June 2012 were recorded as ‘Written Off’ whereas 3 in every 1000 vehicles checked, were identified as stolen.
The total number of vehicles being checked by motor retailers using the provenance tool Experian AutoCheck in Q2 2012 increased by 13 per cent compared to the same period last year. These figures demonstrate the increasing importance car dealers’ are placing on managing risk, which in turn helps to also highlight levels of risk dealerships are exposed to when acquiring new stock.
Andrew Ballard, Principle Consultant at Experian Automotive in the UK and Ireland said: “With more than a quarter of vehicles offered to them identified as having outstanding finance, car dealers cannot afford to take any chances with due diligence. Knowing a vehicle has outstanding finance is a risk, but this data also empowers dealers with insight allowing them to factor that into their dealing with the vehicle owner. By understanding the risks they are exposed to, ensures dealers are better equipped to make buying decisions.”
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Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2012 was US$4.5 billion. Experian employs approximately 17,000 people in 44 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
For more information, visit http://www.experianplc.com.