NEW RESEARCH FROM HPI SHOWS CAR BUYERS WANT DOCUMENTATION
Independent research reveals that 90% of motorists would be more likely to buy a vehicle if they could see its past history.
HPI, part of Solera Holdings, Inc., a global leader in risk and asset management data and software solutions for the insurance and automotive industries, today announced findings from a recent independent research study conducted with 2,000 motorists.
In addition to findings that 90% of motorists would be more likely to buy a vehicle if they could see its past history, the research also shows:
- 75% of motorists would be completely put off buying a car without a full service history.
- Over a quarter, 27%, would expect to receive a discount off the asking price for incomplete vehicle history.
- Nearly half, 48%, feel that knowing a car has its full-service history stamps and has never previously been written off or scrapped are jointly the most important pieces of information to know before making a purchase.
“HPI research shows that a comprehensive profile will give a buyer more confidence that the car has been looked after and that the asking price is fair,” said Fernando Garcia, consumer director, HPI. “79% of respondents said they’d view a vehicle with a full digital history as more valuable and 26% felt that full documentation and receipts for repair work could add more than 10%.”
HPI has developed a new virtual garage app to make the process of selling, buying and owning cars simple and secure. The free app, myHPI, was created by HPI’s consumer team and uses real-time data to generate live vehicle history records. It is the most advanced virtual garage tool available to motorists with comprehensive data available on each vehicle and, as this is the first release of the app, will evolve with new features and upgrades to provide motorists with even greater vehicle data access.
Features of the myHPI app which can benefit motorists include access to any past HPI Check reports and valuations, safe digital storage for all car-related documents and service, maintenance or repairs receipts, automatic alerts for MOT and tax due dates, customisable notifications for other important events such as insurance renewal, a calendar showing key events in the car’s lifecycle and free manufacturer recall updates (which usually cost £2.95).
“This is an exciting new consumer tool from HPI and a valuable resource for millions of used car owners around the UK. The technology behind it clearly demonstrates our ongoing commitment to innovation with our customers firmly in mind,” said Garcia.
myHPI is great for car shopping, allowing important information to be saved and compared about each car you’re interested in. Once the car has been bought, it can be easily moved to an online list of cars owned and a detailed digital history can be built. The app also allows motorists to keep track of everything they need to remember as an owner. Users can access the MOT and tax data via the app to ensure that they will never miss an MOT again. Reminders can also be set for when insurance is up for renewal or a service is due. By building a car profile, users are creating an organised, digital history that will add more value to the car when the time comes to sell.
For more information visit www.hpi.co.uk/myhpi.html or to download the myHPI app visit the app store and search ‘myHPI’.
Notes to editors:
About cap hpi
cap hpi provides decision support data and software solutions spanning vehicle valuation, validation, collision, mechanical repair, and total cost of ownership. cap hpi helps users make smarter automotive decisions by providing one source for data and software solutions that uniquely span the whole vehicle lifecycle; new, used and future vehicle valuation, validation, collision, mechanical repair and total cost of ownership.
All data is uniquely connected by the cap hpi code and a single methodology across all markets and sectors.
cap hpi puts technology at the centre of all data activities, from collection and processing, through to delivery and the development of new applications. It operates from an international hub in the UK; that ensures its systems, coding, data collection processes, and valuation methodologies are consistent, scalable, repeatable and of the highest quality for every country. Valuations and forecast data are managed by local industry experts to ensure insight is added to each data set to enhance accuracy.
cap hpi operates as part of Solera, a global leader in risk and asset management data and software as a service (SaaS) solutions for the automotive and insurance industries.
Solera is a global leader in risk and asset management data and software solutions for the automotive and insurance industries. Solera is active in over 90 countries across six continents. Solera has over 235,000 customers and partners, including many of the largest U.S. and European P&C insurance companies and most of the world’s largest vehicle OEMs, as well as national governments, financial institutions, vehicle dealership, vehicle repair shops, salvage yards and vehicle buyers and sellers. For more information about Solera visit www.solera.com.