Experian has launched a new finance monitoring tool for dealers using AutoCheck which creates real-time alerts generated on vehicles they have checked that still have outstanding finance on them.
Outstanding finance continues to be the prevalent risk when acquiring used vehicles with more than 1 in 4 cars checked by car dealers being identified as having ‘live‘ finance associated with them.
Alistair Scullion, managing director of Experian’s Automotive Business in UK&I, said: “With more than a quarter of vehicles offered to dealers being identified as having outstanding finance, they could be spending a lot of time waiting and chasing information on a significant proportion of their stock.”
Paul Harrison, head of motor finance at the Finance and Leasing Association, said: “Motor finance is vital to the industry’s profitability, but so too is finance clearance to enable used cars to be quickly re-sold in showrooms and auctions.
“For many years the FLA has been working with its members - including Experian - to improve the accuracy of finance data recording and ensure data is used to create a safer, more transparent marketplace. This new feature will provide valuable insight to dealers and other businesses on the finance status of a vehicle as it passes through the sales process.”