Solera has introduced eBay Motors’ live used car retail data to its Audatex Market Value Manager to help insurance claims handlers offer more accurate valuations in a fast-moving market.
While the business will continue to draw on its own Cap HPI live data stream, the US-based automotive services provider said the new offering would assist body shops, insurers and their customers to receive a fairer, more accurate and time-sensitive vehicle valuation.
“We now offer multiple data points, including real time information, based on which insurers can make their decision. Our aim is to ensure MVM contains the most comprehensive data in order to deliver a highly accurate solution for the market,” commented Christopher Wright, Vice President – North Europe, Solera.
Claims handlers use MVM to more accurately calculate the pre-accident value of a vehicle to make satisfactory settlement offers with customers, backed by credible market data.
By utilizing Cap HPI’s live valuation data, which analyses myriad datasets to establish a true current value, handlers can offer the customer a fair and up-to-date settlement value. This better ensures the valuation decision adheres to the Financial Conduct Authority (FCA) Treating Customers Fairly policy.
Derren Martin, Cap HPI’s director of valuations, said: “Real-time ‘live’ data is paramount for insurers to ensure they offer fair settlement to customers and maintain their profit margin.
“Continuing world events have added so much strain and complication to the new and used car market that vehicle values are now changing constantly during the course of the month. Our award-winning valuations data helps lower risk in these ever-changing times.”
The accident repair sector is facing a host of new challenges in 2022. Activate Group this week said that electric vehicles (EV) and hybrids are taking longer to repair in bodyshops that petrol and diesel equivalents, due to more "complex" procedures.
Explaining the need to add live market data to the Audatex platform, Solera pointed out that the semiconductor shortage and the COVID-19 pandemic had slowed the supply of new cars, triggering a 2% rise in values in 2020 and more than 30% in 2021.
Last week Martin described June’s used car market as “stable”, with the average used car tracking down 0.4% month-on-month over the past two weeks at three years and 60,000 miles, adding that he expected June to end with values down around 0.8%.
But he said the sector could be a “bloodbath” were limited supplies not keeping values at a historic high.
Wright said: “Cap HPI’s valuation data continues to be the principal source of car valuation data for the UK used car market. However, in such a turbulent market, insurers need composite data to ensure that their valuations are accurate, valid and timely.”