New entrant to the UK provenance check market, MotorCheck, is dispelling fears amongst dealers that the changes in the provision of data between finance houses and provenance check providers – otherwise known as the Data Exchange – will have a negative impact.
Improved speed of finance registration, better data quality and enhanced data management will ensure greater protection for dealers and their customers alike.
MotorCheck entered the UK market earlier this year, having successfully established itself as Ireland’s leading provenance check provider. It partners with some of the most reliable data sources available, including CDL VIS, Jato, MotorSpecs and Glass’s to offer dealers a competitively priced but highly comprehensive vehicle history check that protects businesses from reputational risks or financial loss.
As from 1 July 2017 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 established mid-1990. Over 55% of data is already currently supplied direct to CDL VIS and this will increase post 1 July. Furthermore, data will continue to be made available from FLA & CCTA members.
Shane Teskey, Co-Founder of MotorCheck explains: “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 will weaken the proposition. However, it is our belief, and that of CDL VIS, that a direct supply 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 registration, will improve data quality and allow lenders to manage the data more effectively.”
Mark Bailey, Head of CDL VIS, added: “For the past two years, CDL VIS has worked closely with all lenders in preparation for planned changes to the Data Exchange to ensure continuity in the supply of lender data. 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.”
Shane was a leading member of the MotorCheck Ireland team, first establishing the business and then growing its success to become Ireland’s leading provider of provenance checks to the trade.
His move to HPI in the UK gave him a sound understanding of the market place and the challenges dealers face and subsequently led to the launch of MotorCheck UK. MotorCheck UK already has over 1,000 car dealers registered on its provenance platform and delivers in excess of 40k provenance checks per month.