Fraudsters have returned to “clocking” vehicles odometers to boost part exchange prices and escape mileage penalties under growing leasing schemes, says hpi.
The number of cars on UK roads showing mileage discrepancies has risen to one in 16, a jump of 25 per cent according to new figures from hpi. The figure has leapt from one in 20 cars in 2014.
The figures emerge as what is believed to be the biggest clocking case in British legal history saw convictions for operators of a Runcorn-based chauffeur services company.
The practice of clocking takes place when drivers or owners and keepers look to deliberately defraud second-hand car buyers when the vehicle is sold on.
Commenting on the apparent increase in the practice, Barry Shorto, head of industry relations at cap hpi, said,“There are numerous reasons why clocking is on the up.
“The continued development of technologies to alter digital odometers, increasingly easy access to this technology via the internet and similarly, the ease of access to mileage adjustment services online, some of whom will behave legitimately, others less so. The increase in mileage-related finance arrangements such as PCP and PCH may also be a contributing factor.”
Hpi estimate that used car buyers now have a one in 16 chance of purchasing a vehicle with a mileage discrepancy and collectively it’s costing buyers and leasing companies about £800 M annually.