It is hard to believe that for over 100 years since the birth of the motor car there is still ambiguity and confusion over who owns a vehicle in the UK with no ability, until now, of validating the true ownership.
The Ownership Beyond Doubt service from NVOR (www.OwnershipBeyondDoubt.com) has launched today providing a digital validation for a vehicle’s ownership. The Ownership Beyond Doubt registration captures both the vehicle and the customer details along with any financial interest through a range of verification checks which are entered at the point of sale by a participating dealer, confirming and validating the true ownership of the vehicle.
Backed by private investment and London based VC Fuel Ventures Limited, Investor Principal, Tom Hibbard said “We see NVOR as the fourth missing piece in the vehicle data industry and are excited to be part of this new service.” The Ownership Beyond Doubt service is not a replacement for a current V5c document, but instead provides the missing piece in the vehicle data marketplace – ‘the ownership’. It is widely taken for granted that the V5c registration document acts as a proof of ownership for a motor vehicle. The name and address details on this document results in the assumption that this is the legal owner – that is not the case.
This new online service focuses on the ownership, not the keeper/user. A quick and easy registration process allows the motor trade to register the true ownership of both new and used vehicles, protecting customers, motor traders, finance providers, auction houses and insurance companies from potential fraud and misrepresentation.
Co-founder of NVOR, Sean Butcher said: “We consider the company to be the vanguard in collating this essential and important information in order to establish a national vehicle ownership register. We now provide an extra source of data security for the ever evolving, online vehicle sales landscape within the automotive industry, enabling the consumer, car dealers, finance and insurance sectors to seek clarity and protect their valuable assets. In addition, our service will support a more enhanced digital experience for policing and enforcement purposes, enabling secure information and data sharing, to build a credible and rich intelligence picture of vehicle ownership in the UK”.
According to a recent study by CarGurus, 63% of UK car buyers are now open to buying their new or used vehicle online. For the majority of consumers their vehicle is the next most expensive financial commitment second to their home. It therefore makes sense that there is a registration and validation solution and data capture service for this purpose.
Once an owner and their vehicle are registered, a digital certificate and log-in details are issued to the customer, to their registered email address and mobile phone. NVOR charges a one-time fee of £99.00 including VAT for the registration. The digital ownership record remains with the owner until the vehicle is sold.
By bringing together the necessary information required to digitally validate the ownership of a vehicle and provide an unmatched automotive service, our value-added product finally demystifies the ownership of a vehicle and helps to enhance customer retention for the car dealer.
Benefits:
• Long-term benefit to consumer, car dealers finance and insurance companies’ security.
• One payment for the duration of the ownership of the vehicle.
• Help in the fight against vehicle finance fraud and misrepresentation.
• Proof of ownership verified via 6 point validation system by a registered dealer when selling and buying a vehicle.
• Added security data across all motoring sectors.
NVOR looks forward to engaging with car dealer networks and other distribution collaborators.