Tell us a bit about your business? When were you founded, where are you based and how many people do you employ?
Used by motor trade professionals for over 80 years, cap hpi’s extensive dataset and unique understanding of the automotive market help businesses of all shapes and sizes manage risk and increase profit.
Since the launch of the original HPI Check in 1938, the automotive sector has witnessed significant change.
The company’s global headquarters is based in Leeds, and its 315 employees provide data and software that keep motorists and the automotive industry moving. cap hpi operates as part of Solera, a global leader in risk and asset management data and software solutions for the automotive and insurance industries, which operates in 90 countries around the world.
With a long history of leading-edge vehicle specification, valuation, running cost and provenance data, cap hpi has a unique and unmatched product suite, connecting all sectors of the industry. No matter what product is used, the industry-standard ‘cap code’ is the DNA that connects the entire industry, from dealer management, remarketing systems and websites, to showroom systems, CRM, insurance and finance processes.
For business customers, cap hpi is a true one-stop-shop, offering everything that is needed to help dealers, traders, fleet and lease operators, financiers, insurers, body shops and manufacturers to take their entire enterprise up a gear.
Designed to arm consumers and motor trade professionals with vital information about the vehicle they want to buy, protecting them from motoring scams and fraud, the experts at HPI Check have recently reported an alarming 22% year-on-year increase in the number of vehicles with mileage discrepancies. An odometer reading is closely linked with both the value and safety of a vehicle, and by working hand-in-hand with the industry on this issue, cap hpi is at the forefront of protecting both business and the consumer.
What does the business do?
cap hpi provides decision support data and software solutions spanning vehicle valuation, validation, collision, mechanical repair, and total cost of ownership.
The business 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. It’s ‘valuation challenge’, where it suggests businesses put its data to the test, was born from a study which showed that inaccurate valuations data can be costing businesses thousands of pounds in lost profits every year.
cap hpi 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 with the backing of specialist support teams, to ensure insight is added to each data set to enhance accuracy.
As the UK’s largest and most trusted automotive data business, cap hpi has also launched a consultancy service to help companies understand the value and risks of their vehicle assets.
The service helps the corporate finance and wider deal-making community to develop a 360° view of automotive fleets and future risks. As an integral part of cap hpi’s service offering, it also has access to current and future vehicle valuation and provenance data that spans write-offs to finance terms and accident damage.
The consulting team recently announced the ramping up of its fleet operation to help firms manage the increasingly complex challenges of valuation and risk management. It maintains that advances in the way data can be modelled have opened up new ways to run leaner and more efficient fleets.
The company regularly works with manufacturers and large fleet operators on projects ranging from residual value optimisation and Total Cost of Ownership models to whole fleet due diligence.
How is business? What’s the outlook for the year ahead?
There is no doubt the automotive industry is undergoing some seismic shifts driven by changes in consumer tastes, legislative demands and both political and environmental landscapes.
It’s important to remember the automotive industry got off to a positive start to 2020. The pattern continued throughout January and February and heading into March with activity taking a dip as the coronavirus outbreak began to take hold in the UK.
However, cap hpi is well-positioned to help businesses through this ever-changing industry environment, with the greatest focus currently on assisting its customers during this unprecedented moment in time.
What are the big issues or technological advances that fill you with positivity?
The impact of Brexit was one of the dominant issues affecting the auto sector for a long period and this is still to be fully realised. Other key issues facing the motor industry include the introduction of WLTP and the shift away from traditional fuels to AFVs backed by government legislation to cut emissions. However, these issues and Brexit have almost instantly been completely overshadowed by the global coronavirus pandemic.
Due to the unprecedented scenario, it is not easy to predict what will happen to the market next. Government support will help, but still, these are challenging times for the motor industry across the entire world.
With factories and showrooms temporarily closed, consumers are no longer buying. It is hoped that with sensible public compliance to the government’s lockdown measures, the country will return to normality in a reasonably short period of time, and cap hpi will be there to help business and consumers through this period.
cap hpi Managing Director, Chris Wright