Auto assets could face UK ‘clocking’ crisis

Official figures show one in 16 used cars on the road has clocked mileage, a 25% increase in cars from 2014 to 2016, according to UK’s National Franchised Dealers Association.

Global vehicle data specialist Cazana is forecasting this trend to continue, with the number of new vehicles purchased through PCP reaching more than 82% last year.

Rupert Pontin, director of valuations at Cazana, warned that consumers were using mileage correction companies to ensure they do not exceed the terms of their finance agreements.

He said: “Throughout the past 10 years, there have been calls for the trade to clean up its act when it comes to clocking, and these words have been heeded.

“However, what we are starting to see is more consumers deliberately clocking their cars to ensure they do not go over the terms of their PCP agreements. As finance becomes the most common option for vehicle purchasing, we are seeing an increase in clocked vehicles returning to the used car market.”

Cazana is urging the industry to remain vigilant when checking used vehicles for false mileage figures.

While the motor trade faces high fines and penalties when caught clocking vehicles prior to sale, there is little to deter consumers.

Pontin said that introducing fines and stricter laws against clocking for consumers could reduce these instances, adding: “Dealers do not always have the required equipment or experience to thoroughly check PCP vehicles for clocking during the de-fleeting process, and auction houses are also in a similar position as they act as remarketing agents.

“The trade needs to be extra vigilant and continue to keep an eye out for evidence of clocking.”

Cazana is the largest car search and indexing engine for used cars on sale in the UK, with more than 600,000 cars listed for sale on the website and records of all 37 million vehicles on the road.