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MEDIA ALERT

HPI WARNS OF INCREASED RISK OF FRAUD WITH PROPOSED MOT EXTENSION
A four-year MoT period opens the door for clockers looking to make a fast profit
www.hpicheck.com

Following news that the Government plans to consult on extending the MoT period from three years to four, HPI, provider of the HPI Check®, warns that the risk of clocking fraud could escalate significantly. The new plans were announced in the budget, which prompted an industry backlash concerning the risk to consumer safety, if vehicles are left without an MoT for an extra year. However, HPI sees a hidden threat from clockers, who will take advantage of the extension to turn back the mileage and sell them on to unsuspecting buyers.

Neil Hodson, Managing Director for HPI, says of the Chancellor’s proposal, “There are clearly some safety concerns surrounding the idea of extending the MoT period by a further 12 months, but there is also an increased risk of fraud.

“Whilst it’s fair to assume that older cars are the most likely to have their mileage reading altered, the reality is that around a third of all cars checked by the trade with HPI are found to have a mileage discrepancy within the first three years of their life. Extending the period for a further fourth year, would see the number of pre-MoT cars with a suspect mileage, increasing, putting used car buyers at significant risk.

“Consumers may welcome the news of cost savings from a delayed MoT, but they could end up paying more than a car is worth, if they come a cropper of clocking. Turning back the miles allows fraudsters to push the price up on a vehicle. An unsuspecting buyer won’t realise they’ve just paid over the odds for a vehicle that’s done more miles than the odometer suggests, meaning more wear and tear and potentially, expensive repairs.”

Not only does the HPI National Mileage Register (NMR) contain over 200 million mileage records covering vehicles of all ages, dating as far back as 1992, it crucially holds the mileage readings of vehicles less than 3 years of age.

The HPI Check includes a mileage check against the National Mileage Register as standard. HPI also confirms whether a vehicle is currently recorded as stolen with the police, has outstanding finance against it or has been written off, making it the best way for consumers to protect themselves from fraudsters. In addition, the HPI Check offers a £30,000 Guarantee in the event of the information it provides being inaccurate, offering added financial peace of mind to used car buyers.

Neil Hodson concludes, “Buying a clocked vehicle poses a real safety threat, not to mention the additional cost of unexpected repairs. We urge used car buyers to conduct an HPI Check to make sure the mileage isn’t going in reverse. The proposed extension on the MoT offers motorists savings on one hand, but it could cost them a lot more if it gives clockers a free ride.”

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For further information visit www.hpicheck.com or call 0845 300 8905
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Notes to Editors:

Laura Welsh, Madeleine Roles, Ally Redding or Justine Hoadley
HSL
Email: hpiteam@harrisonsadler.com
Tel: 0208 977 9132

About HPI:

Originally established in 1938, HPI Limited is a primary source of vehicle information for the UK motor industry and motoring consumer which, since December 2008, has been owned by Solera Holdings, Inc. Solera Holdings, Inc. is an integrated group of leading automotive claims solutions companies. Founded in January 2005 by Chairman and Chief Executive Officer Tony Aquila, Solera has expanded its geographic reach and now serves more than 55,000 business customers in over 50 countries across six continents.

HPI encompasses both the HPI database of all UK road registered vehicle descriptions and histories, and the National Mileage Register (NMR) which holds in excess of 200 million mileage readings.

Together, HPI and NMR represent one of the UK's largest vehicle information sources, combining and interpreting data from government agencies, industry bodies, private organisations, the police and the general public. Registering with HPI helps companies to protect their financial interests in motor vehicles and a wide range of other mobile assets. HPI Checks give purchasers instant confirmation of whether vehicles are correctly described, known to be subject to outstanding finance or serious accident damage, or recorded as stolen or "clocked".

'HPI' and the HPI logo are registered trademarks of HPI Limited.

(1) All prices include VAT and are correct as of 2nd January 2015
(2) Mileage Data is not covered by The HPI Guarantee
(3) *The HPI Guarantee is subject to terms and conditions

This press release was distributed by ResponseSource Press Release Wire on behalf of Harrison Sadler in the following categories: Motoring, Travel, Transport & Logistics, for more information visit http://pressreleasewire.responsesource.com/about.