There’s a misconception within the dealer community that the changes in the way financial data is being provided between finance companies and provenance check organisations – known as the ‘data exchange’ - could weaken the history check proposition.
The truth is it will improve the speed of finance registration, improve data quality and enhance data management, offering dealers and customers greater protection than every before.
As from July 1 the three motor asset registration service (MARS) agencies – CDL VIS, Cap HPI and Experian - will receive data directly from the majority of finance houses, moving away from the data exchange that was established mid-1990.
Far from the dark prospect that one provenance provider has predicted, a direct supply arrangement is the most efficient form of management for lender data.
It allows each MARS member to take full responsibility of the data, it improves the timeliness of registrations, will improve data quality and allow lenders to manage their interests more effectively.
Provenance check providers, including ourselves, have partnered with some of the most reliable data sources available, such as CDL VIS, JATO, Motorspecs and Glass’s, to provide dealers with highly comprehensive history checks that protects their businesses from reputational risks or financial loss.
Reporting on outstanding finance interests must be an integral part of any quality provenance check and the move to direct supply needs be welcomed as a significant step forward for the industry.
CDL VIS has been working closely with all car finance lenders in preparation for planned changes to the data exchange.
Mark Bailey of CDL VIS tells us: “We enjoy positive relationships with all the major finance houses, who have welcomed our approach to supply data directly. Crucially, these new direct arrangements mean dealers should expect to experience an improved service and greater protection.”
Author: Shane Teskey (pictured), founder of MotorCheck UK & Ireland